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.

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