NICE Actimize Blog

Fighting Financial Crime

Strengthening AML Controls: Kenya and Namibia’s Response to Grey List Status

Kenya and Namibia were added to the list of jurisdictions under increased monitoring by the Financial Action Task Force (“FATF”), also referred to as the grey list, on February 23, 2024. The FATF leads global action to tackle money laundering, terrorist, and proliferation financing. Countries are placed on this list when FATF identifies strategic deficiencies in their regime to counter money laundering, terrorist financing, and proliferation financing.

The Evolving Landscape of Sanctions

The international sanctions landscape has undergone a significant transformation in recent years, particularly in response to the escalating tensions between Ukraine and Russia. This blog explores the unprecedented increase in sanctions imposed by major global powers, primarily highlighting the strategic responses of the United States (US), the United Kingdom (UK), and the European Union, and the pivotal role of technological advancements in addressing sanction evasion.

A global challenge: Fast Payments equals Faster Fraud

Real-time, instant, or simply faster payments are ubiquitous across the globe, in the 16 years since the U.K. roll out. In fact, many countries, such as the U.S., have multiple real-time payment platforms with RTP, FedNow and Zelle. We also see a variety of payment limits (not always the end consumer facing limits) with £1m in the U.K., $1m in U.S. and EUR100k in the EU.

AI Surveillance Trends:
Three Experts Weigh in on Why AI’s Essential and What’s Coming Next

According to recent survey by Ernst & Young, AI adoption among financial services firms has become widespread with 99 percent of firms saying that they are already deploying AI, and all citing that they are either already using or planning to use generative AI (GenAI). The majority of respondents felt optimistic about the benefits GenAI would bring to their organizations, with long-term sentiment registering even stronger. While the Ernst & Young survey covered broad uses of AI across financial services organizations, a separate Chartis Research Survey (The Future of Trader Surveillance) revealed that financial services firms are also prioritizing AI to improve trade surveillance, with half of firms surveyed listing AI as a key technology driver. Another NICE Actimize survey revealed that 25 percent of respondents were actively using Natural Language Processing (a form of AI) for communications surveillance. With these trends in mind, we asked three AI and regulatory subject matter experts to weigh in on how they expect “AI will improve surveillance for financial services firms in 2024 and beyond.” Here’s what they had to say:

Driving Financial Crime Innovation with Generative AI Under the EU’s AI Act

In an era where the advancement of technology intersects with the imperative of regulatory compliance, financial institutions (FIs) are confronted with a pivotal question: How can they harness the progressive power of Generative AI (GenAI) to drive innovation, enhance operational efficiency, and deliver unparalleled customer experiences, while navigating the complexities of model governance, regulation, and compliance? This question becomes even more pressing in the light of the European Union’s AI Act, a groundbreaking piece of legislation designed to steer the development and application of AI within a framework that ensures safety, transparency, and the protection of individual rights.

What’s Perpetual KYC and How Can I Implement pKYC Successfully?

Perpetual KYC (pKYC), also known as event-driven KYC, is seen by many as the solution to ensuring continuous compliance and risk management when it comes to Know Your Customer (KYC) and Know Your Business (KYB) processes. But what’s pKYC, what does it look like in practice, and what does it take to implement it successfully?

Next Generation Enterprise Information Archiving:
How Can Your Firm Benefit?

The explosion in new communication modalities and collaboration tools, along with evolving regulations, are making regulatory record-keeping and compliance more complex and challenging by the day. In this interview, NICE Actimize Product Manager Rajeev Hegde weighs in on the challenges financial services firms are facing with respect to archiving growing volumes and types of communications data, and new solutions and approaches that can reduce compliance costs, complexities, and risks.

Network Analytics in Financial Crime and Compliance

Network analytics is a crucial tool when it comes to combating fast-evolving financial crimes. It reveals connections to suspicious activities, significantly improving investigations. Traditionally, network analytics in financial institutions (FIs) were siloed from main investigation platforms, requiring manual efforts from investigators. However, advancements in AI, analytics, and graph database technology have transformed its role, allowing for automated analysis and more effective risk uncovering.

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