NICE Actimize launches watchlist screening solution

Rick Steves

A week after introducing a product against stolen identity fraud, the compliance solution provider helps address screening against global sanctions and politically-exposed persons lists, as well as others.

Binary Options under fire

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

As financial services organizations find themselves increasingly challenged to efficiently screen parties and payments against required sanctions lists, NICE Actimize comes to save the day with this real-time and on-demand screening for parties and payments to match and screen against global sanctions, politically-exposed persons (PEPs), adverse media and other lists.

In addition, the service orchestrates and aggregates list data from premium and public sources with internal lists providing full auditability to ensure accurate screening. It expedites customer onboarding while reducing friction, the company claims.

Its detection capabilities feature facial biometrics, intelligent payment parsing in compliance with ISO20022, and culture/name matching technology.

Neil Katkov, Head of Risk at Celent, said: “Sanctions screening is a critical function across AML operations, but it still relies on traditional technology and workflows. It makes sense to apply the next-generation technologies that are already transforming investigation and other areas of AML to these legacy-burdened processes.”

Craig Costigan, CEO, NICE Actimize, added: “NICE Actimize’s innovative screening technology supports financial services organizations looking to boost accuracy and efficiency while complying with global regulations. A cost-effective anti-money laundering compliance program includes advanced screening capabilities to reduce regulatory risk, generate high-quality matches with lower false positives while speeding operational efficiency. And with NICE Actimize WL-X technology, organizations get all of these benefits.”

In February 2020, NICE Actimize also introduced a solution against synthetic and stolen identity fraud which also addresses the increased fraudulent activity in options trading via account takeover and identity theft – a pressing issue within the industry as FINRA warned firms to take measures against these crimes, otherwise it may trigger legal or regulatory obligations for firms housing either the victim or profiting accounts.

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