IDB Bank picks NICE Actimize to bolster AML processes

 Autonomous financial crime management company NICE Actimize has been selected by Israel Discount Bank of New York (IDB Bank) to aid its AML processes.

By working together, IDB Bank will gain support for its financial crime operations with AML compliance and investigation management tools, which are powered by AI and machine learning technology. As part of the deal, IDB will implement NICE’s Suspicious Activity Monitoring (SAM) and Customer Due Diligence (CDD) solutions into its private and commercial banking portfolio.

Its SAM solution leverages machine learning analytics to improve detections, lower data gathering processes and decrease investigation times.

In addition to the SAM and CDD services, IDB will incorporate Actimize ActOne, an investigation management system which will support its alert and case management capabilities.

Finally, the bank will invest into NICE’s Currency Transaction Reporting (CTR), Suspicious Activity Report (SAR) processing and reporting capabilities. These offer complete AML coverage and transparency, as well as automated reporting and regulatory filing which is needed for compliance.

IDB Bank chief compliance officer Kevin Choi said, “Our investment in NICE Actimize’s anti-money laundering and investigation management solutions, well respected by the industry and regulators, will provide a roadmap for the future with its complete end-to-end capabilities that enrich our anti-money laundering efforts and strengthen our programs.

“NICE Actimize’s innovations in machine learning and advanced case management will reduce false-positive alerting and speed up investigations, enabling us to improve our entire financial crime operations effectiveness and efficiency.”

Last year, NICE Actimize launched X-Sight, a new platform-as-a-service which gives financial services the ability to innovate while ensuring strict financial crime, risk and compliance measures are enforced.

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