NICE Actimize Blog

Fighting Financial Crime

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 (Gen AI) to drive innovation, enhance operational efficiency, and deliver unparalleled customer experiences, while navigating the complexities of model governance, regulation, and compliance?

Expanded Regulatory Guidelines Create New Challenges For Wealth Managers

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.

Alert Investigations: Navigating the Monitoring and Detection Haystack

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).

Digital Communications Storage is Finally Moving to the Next Level

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.”

Highlights from the May 2024 Compliance Executive Roundtable

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.

Realizing the Potential of Operational Efficiencies in an AML Program

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.

Evaluating Effectiveness: The Impact of a Rules Coverage Assessment on Transaction Monitoring Solutions

In the ever-evolving landscape of financial services, banks are under constant pressure to not only fortify their defenses against illicit activities, such as fraud and money laundering, but also keep them up to date. Transaction monitoring solutions, powered by sophisticated algorithms and rule sets, are instrumental in detecting and alerting on these financial crimes, making it more difficult for the criminals to move their illicit wealth. However, the efficacy of such systems relies heavily on the comprehensiveness and relevance of the rules they employ. This article explores the regulatory framework addressed by rules and the key components of a rule coverage assessment for a bank’s transaction monitoring solution and the far-reaching impact and benefits it can have on financial crime detection for an organization.

Tackling KYB challenges with perpetual KYC

Know Your Customer (KYC) is essential, not only for anti-financial crime compliance but also for a smooth, positive customer experience, particularly during the onboarding phase. However, traditional, manual KYC practices often struggle to keep up with the fast-paced nature of banking and the complexities of onboarding corporate entities.

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