NICE Actimize Augments its Anti-Money Laundering Solutions

By Edlyn Cardoza

Securing a single, accurate record of customer information has become increasingly crucial as anti-money laundering programs shift from transactional analysis to a more focused, customer-centric analysis. Addressing this market concern, NICE Actimize, a NICE business, recently announced that it has augmented its industry-leading, holistic anti-money laundering solutions with real-time entity resolution capabilities from Senzing, an innovator in the entity resolution space. 

NICE Actimize will integrate the capability into its Anti-Money Laundering suite of solutions, including Suspicious Activity Monitoring (SAM) and Customer Due Diligence (CDD-X). 

With integrated entity resolution now at the core of NICE Actimize AML solutions, financial services organizations will identify entities, find elusive and non-obvious relationships, and more accurately detect suspicious activity. To accomplish this, NICE Actimize is adopting entity resolution technology from Senzing. Senzing technology supports entity resolution despite data quality issues and better detects entity obfuscation while providing complete data lineage for transparency, explainability and audit. The entity resolution engine identifies hidden connections between organizations and individuals, thereby enhancing risk management.  

The combination of NICE Actimize’s market-leading AML and Case Management solutions with the proven entity resolution software from Senzing will allow organizations to focus on their customers and their customers’ networks, providing the context needed today for more effective AML and risk management processes.  

“We are seeing an increasing demand for entity resolution within financial crime programs and are excited to establish our partnership with Senzing. Through advanced entity resolution technology, NICE Actimize will further enhance its AML/KYC capabilities and provide greater confidence in monitoring and detecting suspicious activity,” said Craig Costigan, CEO, NICE Actimize.  

“We are excited to partner with NICE Actimize, the industry’s leading financial crime platform,” stated Jeff Jonas, CEO, Senzing. “With real-time entity resolution, financial services organizations can gain confidence and trust that they have a more accurate record of their entities and their associated risk continuously throughout the entire customer lifecycle.”  

For NICE Actimize customers, this partnership and technology integration provides the ability to more accurately identify suspicious parties, activities and transactions, and more quickly identify connected parties, dramatically reducing false positives and increasing monitoring effectiveness. In addition, the technology will provide more accurate entity details for analysts and investigators using NICE Actimize’s market-leading alert and case management solution, ActOne. Financial organizations needing a comprehensive understanding of customers and risk for faster, more precise investigations and outcomes now have access to gain increased efficiency and effectiveness for their anti-money laundering programs with the NICE Actimize suite of solutions enhanced with entity resolution from Senzing.  

Recently, IBS Intelligence reported that NICE Actimize, a NICE business, and its cloud and AI-based AML Essentials solutions, had been chosen by the FinTech company KOHO Financial, Inc., a Toronto-based provider of online financial services, to support its innovative digital platform and further accelerate its growth in the market.