Monday, January 25, 2021

NICE Actimize Selected by IDB Bank NY to Innovate Anti-Money Laundering Compliance and Investigation Management Using Advanced AI

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NICE Actimize, a business and the leader in Autonomous Financial Crime Management, has been selected by Israel Discount Bank of New York (IDB Bank), a New York State-chartered commercial bank, to spearhead improvements within its financial crime operations with innovative anti-money laundering compliance and investigation management solutions that employ artificial intelligence and machine learning technology. To more effectively meet the needs of regulators and support its growing customer base, IDB Bank will implement NICE Actimize’s Suspicious Activity Monitoring (SAM) solution within its private banking and commercial banking portfolio, along with its Customer Due Diligence (CDD) solution.

The IDB Bank rollout will also incorporate Actimize ActOne, an investigation management system, which will be implemented as the financial institution’s next-generation alert and case management platform. Additionally, IDB Bank will invest in NICE Actimize’s Currency Transaction Reporting (CTR), Suspicious Activity Report (SAR) processing and reporting capabilities which offers complete AML coverage and transparency with automated reporting and regulatory filing that eases AML compliance requirements. NICE Actimize CTR’s built-in validation tools and flexible capabilities enhance the quality and timeliness of completed reports.

“Our investment in NICE Actimize’s anti-money laundering and investigation management solutions, well respected by the industry and regulators, will provide a roadmap for the future with its complete end-to-end capabilities that enrich our anti-money laundering efforts and strengthen our programs,” said Kevin Choi, Chief Compliance Officer IDB Bank of New York. “NICE Actimize’s innovations in machine learning and advanced case management will reduce false-positive alerting and speed up investigations, enabling us to improve our entire financial crime operations effectiveness and efficiency.”

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