NICE Actimize, a NICE Systems business and a provider of financial crime, risk and compliance software for the financial services industry, launched its Actimize AML Essentials Anti-Money Laundering Cloud solution providing end-to-end packaged AML compliance capabilities designed specifically for the unique needs of mid-sized financial institutions.
Leveraging the insights and experience gained from more than a decade of providing anti-money laundering solutions to the world’s largest banks, the Actimize AML Essentials Anti-Money Laundering Cloud solution offers integrated AML coverage, from transaction monitoring, CDD/KYC, and watch list filtering to reporting and SAR filing. This complete AML offering is built on the principles of a software-as-a-service model, to offer secure cloud-based delivery that ensures rapid deployment, reduced operational overhead, and low total cost of ownership for growing, mid-sized banks. NICE Actimize’s first delivery of AML Essentials will begin with the Suspicious Activity Monitoring (SAM) component, with other components rolling out by the end of the year.
The solution offers targeted models, rules, profiles, and advanced analytics combined with built-in, industry specific detection, workflows, and investigation tools, providing seamless AML compliance. The solution also provides accurate alert prioritization, efficient alert management, ad-hoc investigations, management reporting, and audit tracking through the Actimize Risk Case Manager. Predefined workflows ensure investigations are resolved effectively and according to compliance protocols and AML best practices.
“Mid-sized financial institutions are feeling pressure due to increased scrutiny and expectations from regulatory agencies. They are realizing that many existing mid-tier AML solutions fall short of the needs and requirements for most small to medium-sized banks,” said Cenk Ipeker, Head of NICE Actimize’s Cloud. Our cloud solution fills a critical needs gap for these institutions.”
“The regulatory bar continues to rise for institutions of all sizes. Financial institutions need solutions that can help them effectively meet regulators’ demands, while at the same time effectively managing their scarce IT and operational resources,” said Julie Conroy, Research Director at Aite Group. “A robust hosted solution can help on both fronts.”