Money Service Businesses (MSBs)
Are Targets for Money Laundering
Financial technology has seen explosive growth over the past few years, effectively changing the way people access financial services. While the industry continues to innovate and disrupt, regulators still expect organizations to implement sound anti-money laundering (AML) compliance programs or face additional scrutiny, reputational damage and fines.
MSBs serve a critical role in the financial world by providing access to money transfer services. The ease, efficiency and cost-effective access to these services without having to open an account or experience long waiting periods attracts millions of customers each year. Because customers do not have to go through a formal onboarding process and MSBs do not typically collect Know Your Customer (KYC) data, customers are largely anonymous. This makes
MSBs targets for money laundering, terrorist financing and other suspicious activity.
NICE Actimize Autonomous AML for MSBs
With increased regulatory pressure, scrutiny and expectations, MSBs need a solution that offers end-to-end, consistent coverage from an experienced vendor. NICE Actimize offers a proven suite of Autonomous AML solutions to help MSBs establish and enforce compliant processes and procedures, detect suspicious activity, and receive consistent coverage. NICE Actimize’s deep experience, strong relationships with financial intuitions and regulators, and consultative expertise help ensure that MSBs can implement risk-based procedures cost-effectively.
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Gain an advantage over your competitors – Financial technology organizations and MSBs that put compliance first are more likely to come out on top in the race to gain users and market share. Most importantly, sound compliance programs and strategies deter negative news and fines that cause reputational damage and a loss of consumer confidence.
Be in-tune with regulators ahead of changes and new legislation – NICE Actimize regularly meets with regulators and analysts around the world. Our commitment to maintaining these relationships and incorporating their feedback into our product strategy helps customers feel confident that they're partnering with a long-term AML solution provider.
Know the unknown with technology that grows and scales with you - Our strategic focus on preventing financial crime ensures that product strategy is in line with global regulatory updates, industry news, and technology trends so that our customers leverage the latest technology and feel confident in their AML operations.
Create a single view of risk - Reduce compliance costs and create operational efficiencies with case management tools and advanced analytics that offer a single view of risk and manage AML programs on an ongoing basis.
A Solution Designed for the Insurance Market
Challenges for Insurance Companies
Unlike traditional financial institutions, insurance companies are new to the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) world. Although the sector has been subject to AML regulation for many years, there has been very little regulatory focus on such matters. Often the result of this is less AML and CTF expertise in insurance companies than in other sectors.
Recent adjustments made to Financial Action Task Force (FATF) policies related to enforcement have mandated regulators to enforce strict discipline in the case of regulatory failures, triggering an urgency for compliance program resources.
NICE Actimize Autonomous AML for Insurance
NICE Actimize’s Autonomous AML solutions are a comprehensive set of products designed explicitly for insurance to cover all areas of a company's duties under AML regulations, laws and guidance. By applying machine learning and robotic process automation, NICE Actimize enables end-to-end coverage for the detection, scoring, alerting, workflow processing and reporting of suspicious activity.
Intuitive dashboards offer an entity centric view, making investigations faster and more efficient. Automated investigation processes, increased workflow productivity and predicative capabilities allow teams to cut time spent on low-level administration work and improve investigation accuracy and speed.
Partner with Experts Who Know Your Space
Insurance providers who partner with NICE Actimize join a highly respected network, allowing them to leverage knowledge and experience from our subject matter experts, many of whom are ex-regulators or have been previously employed in senior AML and CTF positions at major financial institutions and insurance companies. They also benefit from our User Groups and Advisory Councils, where representatives from our leading customers around the world actively participate.
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