Nice Actimize enhances AML solution with real-time entity resolution tool

Rick Steves

The tool, proprietary of Senzing, supports entity resolution despite data quality issues and better detects entity obfuscation while providing full data lineage for transparency, explainability and audit.

NICE Actimize has augmented its anti-money laundering solutions with real-time entity resolution capabilities from Senzing, an innovator in the entity resolution space.

The move is meant to secure a single and accurate record of customer information as anti-money laundering programs shift from transactional analysis to a more focused, customer-centric analysis.

The integrated entity resolution will help firms identify entities, find elusive as well as non-obvious relationships, and more accurately detect suspicious activity, thus enhancing risk management.

Senzing technology supports entity resolution despite data quality issues and better detects entity obfuscation while providing full data lineage for transparency, explainability and audit.

The integration will allow clients to focus on their customers and their customers’ networks, providing the context needed today for more effective AML and risk management processes.

Craig Costigan, Chief Executive Officer at NICE Actimize, said: “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.”

Jeff Jonas, Chief Executive Officer Senzing, commented: “We are excited to partner with NICE Actimize, the industry’s leading financial crime platform. 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.”

The Anti-Money Laundering suite of solutions features Suspicious Activity Monitoring (SAM) and Customer Due Diligence (CDD-X).

In May, NICE signed a distribution partnership deal with Refinitiv in order to expand its customer base throughout the Asia-Pacific region.

In March, the firm partnered with Finastra in order to deliver its Xceed cloud-native financial crime platform to Finastra’s customer base, via its FusionFabric.cloud open innovation platform.

The AI-powered platform provides AML and fraud solutions, offering financial crime and compliance with real-time behavioral analytics and machine learning capabilities.

NICE Actimize has recently launched WL-X, a Watch List (WL) screening solution for data management, screening capabilities, and frictionless customer onboarding, using artificial intelligence.

The solution aims to “save the day” as financial services organizations find themselves increasingly challenged to efficiently screen parties and payments against required sanctions lists, which also include politically exposed persons (PEPs) and adverse media.

Read this next

Retail FX

Belgium regulator blacklists FXP360, Appex Finance, and Wise-Markets

Belgium’s financial watchdog, the Financial Services and Markets Authority ‎‎(FSMA), has issued a warning against the unauthorized activities of multiple ‎ platforms that are offering investments in the country without ‎complying with Belgian financial legislation.‎

Digital Assets

MicroStrategy piles on Bitcoin, acquiring 0.90% of circulating supply

MicroStrategy, the world’s largest Bitcoin corporate holder, has further increased its holdings of the primary cryptocurrency. According to a recent filing, the company acquired an additional 16,130 bitcoins between November 1 and November 29, spending $593.3 million at an average price of $36,785 per bitcoin.

Digital Assets

Paxos gets nod to issue dollar-backed stablecoins in UAE

Stablecoin issuer Paxos has received preliminary approval from Abu Dhabi’s Financial Services Regulatory Authority to issue U.S. dollar-backed virtual currencies and provide crypto-brokerage and custody services.

Digital Assets

Flare Labs Begins Testing FAssets on Coston Testnet Paving Way for Non-Smart Contracts to Flare

Flare Labs has introduced FAssets on the Coston testnet, enabling the integration of non-smart contract tokens like BTC, XRP, and DOGE into the DeFi ecosystem.

Digital Assets

Philippine bars access to Binance, citing unregistered operations

The Philippines’ Securities and Exchange Commission (SEC) is moving to block access to Binance due to regulatory concerns, citing the platform’s operation without proper registration and authorization in the country.

Digital Assets

FTX cleared to sell investments in Grayscale and Bitwise funds

Bankrupt cryptocurrency exchange FTX has received approval from the bankruptcy court to start selling its stakes in digital trusts managed by Grayscale Investments.

Digital Assets

Nexo launches Dual Investment for yield earning and price prediction

“Dual Investment revolutionizes how users engage with BTC and ETH, offering a flexible, intuitive, yet sophisticated platform for predicting asset price movements, all while securing high yields.”

Technology

Aquis Stock Exchange goes live with cloud-based matching engine powered by AWS

“By running on AWS, the Aquis Stock Exchange is driving transformation across the capital markets industry while continuing to enhance the scalability, functionality and innovation that will benefit its members and stakeholders in an environment where security and resiliency are our highest priority.”

Technology

Options Technology certified as Microsoft Azure partner for Digital & App Innovation

“Securing our fifth Microsoft Solutions Partner status in less than 12 months is a testament to our commitment to innovation, excellence, and the highest industry standards. We are not only keeping pace with the evolving landscape of cloud technology but leading the way in shaping its future.”

<