NICE Actimize launches Actimize AML Essentials Anti-Money Laundering Cloud solution

By CIOReview | Monday, May 16, 2016
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Chad Hetherington, Global Vice President & General Manager, NICE Actimize’s Cloud

Chad Hetherington, Global Vice President & General Manager, NICE Actimize’s Cloud

FREEMONT, CA: In a major announcement made today, NICE Actimize introduced its cloud AML solution, Actimize AML Essentials. NICE Actimize is a provider of financial crime, risk and compliance software for the financial services industry and with this new solution will provide an end-to-end packaged AML solution having compliance capabilities. The solution has been specifically designed by leveraging the insights and experience gained from more than a decade of providing anti-money laundering solutions and will be used to satisfy the requirements of mid-sized financial institutions.

Integrated AML coverage, form transaction monitoring, CDD/KYC, and watch list filtering to reporting and SAR filing, all will be offered in the Actimize AML Essentials Anti-Money Laundering Cloud solution’s portfolio. The solution has been fabricated on a software-as-a-service model’s principles and will be offering secure cloud-based delivery. “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. Our cloud solution fills a critical needs gap for these institutions,” said Cenk Ipeker, Head, NICE Actimize’s Cloud.

The solution will also ensure rapid deployment, reduced operational overhead, and low total cost of ownership for growing, mid-sized banks. Suspicious Activity Monitoring (SAM) will be the first component to be rolling out for AML Essentials delivery and rest of the solution’s component will be launched by the year end. Targeted models, rules, profiles, and advanced analytics combined with built-in, industry specific detection, workflows, and investigation tools, providing seamless AML compliance will be also offered by the solution. “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. A robust hosted solution can help on both fronts,” said Julie Conroy, Research Director at Aite Group.

Accurate alert prioritization, efficient alert management, ad-hoc investigations, management reporting, and audit tracking will also be provided by the solution through the Actimize Risk Case Manager. The solution will make sure that compliance protocols and AML best practices are taken into consideration for the effective resolution of investigation.