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

Opinion

The FX Algo Wheel, is it wheels up and ready to take flight?

by David Catterick, Sales Director, BidFX Australia

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

<