NICE Actimize Launches New AI-Based Solution for AML Transaction Monitoring

NICE Actimize, a NICE business and a leading provider of financial crime, risk, and compliance solutions for regional and global financial institutions, as well as government regulators, announced that it has launched new Suspicious Activity Monitoring (SAM-10) solution.

With the aim of detecting more instances of suspicious activity while minimizing false positives, SAM-10 brings a range of enhancements to NICE Actimize's existing anti-money laundering solution. The new solution incorporates multiple layers of defence mechanism that strengthens the others, providing comprehensive coverage and detection of suspicious activity for financial institutions.

As part of the NICE Actimize's suite of Anti-Money Laundering solutions, SAM-10 uses entity-centric AML approach to AML, delivering data to enrich profiles and multiple layers to segment, monitor, and ensure that only true suspicious activity is identified. In addition, the new tool also SAM-10 also incorporates next-generation analytics, including machine learning for advanced anomaly detection, model optimization, and network risk analytics, detecting suspicious relationships and transaction patterns.

Craig Costigan, CEO at NICE Actimize, stated: "NICE Actimize's unique, multilayered approach is a true industry differentiator that brings transaction monitoring to the next level. For financial institutions to be more effective, monitoring technology that explores relationships with connected parties, understands suspicious connections, and accurately follows the flows of funds has become increasingly important."

Last October, Fazzaco reported that NICE Actimize's cloud SURVEIL-X Markets Surveillance solution had been chosen by Olivetree Financial​, a UK-based high-touch multi-asset broker to monitor market abuse and keep pace with regulatory change.