NICE Actimize Selected by IDB Bank NY to Innovate Anti-Money Laundering Compliance & Investigation Management Using Advanced AI
March 19 2019 - 06:30AM
Business Wire
IDB Bank will rely on NICE Actimize’s automated
anti-money laundering and investigation management solutions to
improve efficiency
NICE Actimize, a NICE (Nasdaq: NICE) business and the
leader in Autonomous Financial Crime Management, has been
selected by Israel Discount Bank of New York (IDB Bank), a New York
State-chartered commercial bank, to spearhead improvements within
its financial crime operations with innovative anti-money
laundering compliance and investigation management solutions that
employ artificial intelligence and machine learning technology. To
more effectively meet the needs of regulators and support its
growing customer base, IDB Bank will implement NICE Actimize’s
Suspicious Activity Monitoring (SAM) solution within its private
banking and commercial banking portfolio, along with its Customer
Due Diligence (CDD) solution.
The IDB Bank rollout will also incorporate Actimize ActOne, an
investigation management system, which will be implemented as the
financial institution’s next generation alert and case management
platform. Additionally, IDB Bank will invest in NICE Actimize’s
Currency Transaction Reporting (CTR), Suspicious Activity Report
(SAR) processing and reporting capabilities which offers complete
AML coverage and transparency with automated reporting and
regulatory filing that eases AML compliance requirements. NICE
Actimize CTR’s built-in validation tools and flexible capabilities
enhance the quality and timeliness of completed reports.
“Our investment in NICE Actimize’s anti-money laundering and
investigation management solutions, well respected by the industry
and regulators, will provide a roadmap for the future with its
complete end-to-end capabilities that enrich our anti-money
laundering efforts and strengthen our programs,” said Kevin
Choi, Chief Compliance Officer IDB Bank of New York. “NICE
Actimize’s innovations in machine learning and advanced case
management will reduce false-positive alerting and speed up
investigations, enabling us to improve our entire financial crime
operations effectiveness and efficiency.”
“IDB Bank’s confidence in NICE Actimize’s financial portfolio
validates the success of our Autonomous Financial Crime Management
approach and demonstrates that we are a vendor of choice for
international bank branches,” said Craig Costigan, CEO, NICE
Actimize. “We have seen strong adoption around the globe for
our AI-enabled anti-money laundering and case management solutions.
When integrated, our AML and ActOne solutions provide increased
accuracy and productivity, improved return on investment and a
clear path to supporting changing regulatory requirements. We look
forward to working with IDB Bank of New York on its journey to
improve operational efficiency.”
NICE Actimize's Suspicious Activity Monitoring (SAM) solution,
which combines machine learning analytics for laser-accurate
detection, virtually eliminates costly manual data gathering tasks
thereby increasing team productivity and reducing investigation
time. The SAM solution introduced NICE Actimize's innovative
concept of Autonomous Financial Crime Management to the anti-money
laundering category for the first time.
Additional assets:
- For NICE Actimize’s integrated
anti-money laundering solutions, please click here.
- For NICE Actimize’s ActOne
Investigation Management, please click here.
About IDB BankIDB Bank is a New York State-chartered
commercial bank and a member of the FDIC. IDB specializes in
Private Banking and Commercial Banking services to its U.S. and
international customers. The Bank’s network includes its main
office in Manhattan, branches in Staten Island, Brooklyn, and Short
Hills, NJ, in addition to branches in Beverly Hills and Downtown
Los Angeles, California; and Aventura, Florida. The Bank also has
an International Banking facility at its main office in New York;
and representative offices in Chile, Israel and Uruguay. Securities
brokerage and insurance activities are conducted through IDB
Capital Corp., a broker-dealer regulated by FINRA and the SEC. To
learn more about IDB Bank visit www.idbny.com
About NICE ActimizeNICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions
for regional and global financial institutions, as well as
government regulators. Consistently ranked as number one in the
space, NICE Actimize experts apply innovative technology to protect
institutions and safeguard consumers and investors assets by
identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time,
cross-channel fraud prevention, anti-money laundering detection,
and trading surveillance solutions that address such concerns as
payment fraud, cybercrime, sanctions monitoring, market abuse,
customer due diligence and insider trading. Find us at
www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICENICE (Nasdaq: NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software
solutions that empower organizations to make smarter decisions
based on advanced analytics of structured and unstructured data.
NICE helps organizations of all sizes deliver better customer
service, ensure compliance, combat fraud and safeguard citizens.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking StatementsThis press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Costigan are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the Company). In some cases, such forward-looking
statements can be identified by terms such as believe, expect, may,
will, intend, project, plan, estimate or similar words.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause the actual results or performance of
the Company to differ materially from those described herein,
including but not limited to the impact of the global economic
environment on the Company’s customer base (particularly financial
services firms) potentially impacting our business and financial
condition; competition; changes in technology and market
requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies,
products and applications; difficulties or delays in absorbing and
integrating acquired operations, products, technologies and
personnel; loss of market share; an inability to maintain certain
marketing and distribution arrangements; and the effect of newly
enacted or modified laws, regulation or standards on the Company
and our products. For a more detailed description of the risk
factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190319005397/en/
Corporate Media ContactCindy Morgan-Olson,
551-256-5202, cindy.morgan-olson@niceactimize.com
InvestorsMarty Cohen, +1 551 256 5354, ET,
ir@nice.comYisca Erez +972 9 775 3798, CET, ir@nice.com
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