Financial institutions (FIs) submitted more than 3.6 million Suspicious Activity Reports (SARs) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2022. SAR filings in March 2023 set a monthly record, with more than 351,000 reports.
September 13th, 2024
Illicit financial flows through the global system have exceeded $3 trillion. Given such alarming amounts, how can compliance teams keep pace using only traditional, mainly manual tools and processes?
August 12th, 2024
Check use might have decreased, but check fraud attempts and losses are growing. NICE Actimize’s 2024 Fraud Insights Report found that check fraud grew by 4% by volume and 31% by value year over year.
July 18th, 2024
Suitability and related regulations have grown in scope and impact in the Americas. New regulatory guidelines and requirements that further protect consumers and provide new objectives for wealth management teams are being addressed from a technology support standpoint, and NICE Actimize continues to lead in addressing these new challenges.
July 2nd, 2024
The process of identifying suspicious financial activity, either at customer or transactional level, is one of the current biggest single challenges faced by financial institutions (FI).
June 21st, 2024
As costs related to compliance rise and budgets compress across the financial services industry, technology end users are demanding more use cases for applications. In the case of digital communications, end users have traditionally sent communications data into archiving systems and left it there untouched. However, as regulatory requirements tighten for banks and other firms, and regulators are cracking down with massive recordkeeping fines, archiving solutions need to do more than just “set it and forget it.”
June 20th, 2024
When Financial Services compliance professionals come together to share insights, best practices, and ideas, it benefits everyone. With this in mind, NICE Actimize and Guidepost Solutions have joined forces to co-sponsor virtual, bi-annual executive roundtables.
June 17th, 2024
In the dynamic and complex landscape of today’s financial environment, Anti-Money Laundering (AML) initiatives are essential strategic safeguards. Yet, crafting AML measures that are both effective and efficient can be daunting, hindered by manual processes, fragmented data, and scarce resources. The key lies in striking a balance between efficacy and efficiency, which is pivotal in this domain and necessitates operational finesse. Institutions can fortify their compliance stance and reap substantial rewards by refining AML processes and embracing technological advancements. The crux of success hinges on the delicate equilibrium between the program’s effectiveness and its operational efficiency. This paper delves into strategies for enhancing your AML program, ensuring it bolsters your efforts without straining your resources.