Nordic Bank SEB Sees Quick Results from the NICE Actimize Market Abuse Solution
SEB was one of the first to fully deploy market abuse solution in Sweden, realizing results within two weeks as it detected different types of Market Abuse issues
NEW YORK, NY - September 22, 2010 - NICE Actimize, a NICE Systems company and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, today announced that Skandinaviska Enskilda Banken AB (SEB) has seen results from its deployment of Actimize's Market Abuse solution, making SEB the first bank in Sweden to fully implement a modern enterprise-wide system to comply with Europe's Market Abuse Directive.
Gent Jansson, Group Head of Compliance at SEB, said, "Within the first two weeks of production, the Actimize Market Abuse solution provided some high quality alerts that would not have otherwise been uncovered in a timely fashion. The deployment was fast, executed on time and has lived up to expectations. We've even had other banks and regulators visit us to learn more about how we are using the solution. As SEB was among the first of the Market Abuse deployments in the Nordics, many people are interested in the results of our implementation."
The Market Abuse Directive is a set of regulations adopted in 2004 by European Union member states to reinforce market integrity and transparency across all financial instruments for all market participants. It prohibits insider dealing and market manipulation, amongst other illicit behavior. In Sweden and in Europe in general, many banks still rely on manual or semi-automated processes to adhere to the Market Abuse regulations.
"NICE Actimize is committed to helping financial institutions and regulators address Market Abuse requirements as the Directive is fully enforced throughout the EU," said Bruno Piers de Raveschoot, VP, Managing Director of NICE Actimize Europe and Asia Pacific. "We have significant experience in successfully deploying Market Abuse solutions for clients in Western European countries and are continuing to expand into new jurisdictions as regulatory deadlines loom for firms and regulators."
The leading Actimize Market Abuse solution is used by largest European financial institutions and regulators to increase their insight into suspicious behavior and improve risk management and compliance performance. It uses proven detection models with sophisticated analytical methods to assign priority scores to alerts, thus improving the efficiency of regulators, trading managers and compliance staff. All NICE Actimize solutions, including the Market Abuse solution, are all built on a single technological platform, providing firms with the flexibility to add new financial crime and compliance capabilities over time.
NICE Actimize, a NICE Systems company, is the world's largest and broadest financial crime, risk and compliance solutions provider. The company provides real-time and cross-channel fraud prevention, anti-money laundering, enterprise investigations, risk management and trading surveillance solutions built upon a single flexible software platform. Implemented by the majority of the world's largest financial institutions, including all of the top 10 banks, the company's solutions enable clients to mitigate financial crime risk, improve compliance, and reduce operational costs. www.actimize.com.
SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of other financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in 20 countries worldwide. On 30 June 2010, the Group's total assets amounted to SEK 2,318 billion while its assets under management totalled SEK 1,328 billion. The Group has about 20,000 employees. Read more about SEB at www.sebgroup.com
About NICE Systems
NICE Systems is the worldwide leader of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time.
Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security.
NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies. www.nice.com.