Waters Rankings 2019: Best AML Compliance Solution Provider: NICE Actimize

The United Nations Office on Drugs and Crime estimates that between $800 billion and $2 trillion dollars is laundered each year. Over the last two years, NICE Actimize has helped banks bolster their anti-money laundering (AML) capabilities by expanding its know-your-customer (KYC) and transaction-monitoring services. NICE Actimize was voted the best AML vendor at this year’s Waters Rankings thanks to its Autonomous AML Solutions Suite. 

Over the last 18 months, NICE Actimize has improved its Suspicious Activity Monitoring (SAM) offering, which leverages robotic process automation (RPA) and machine learning (ML) to better weed out false positives and alert users to suspicious activity.

“We are trying to do a better job of detecting alerts or bad actions, making it easier and faster for people to investigate those alerts, and understand if they have to file suspicious activity reports or not,” says Stephen Taylor, general manager for AML at NICE Actimize.

NICE Actimize is working to further expand its machine-learning capabilities to improve its alert detection and investigation functions. It is also strengthening its customer due diligence (CDD) and watch-list filtering (WLF) products. It will also look to grow its X-Sight Marketplace, which aims to be a one-stop shop for financial crime solutions, similar to Apple’s App Store. In order to grow the product, it will look to partner with other content providers to create a more robust market.

“When we are talking about content, we are talking about sanctions lists, ultimate beneficial ownership information, negative news, and even ID verification biometrics,” Taylor says. “We are thinking about all of this information being pulled into our system to improve detection and the investigation process.”