Waters Rankings: Best Anti-Money Laundering (AML) Compliance Solution—NICE Actimize

The big driver for development has been around automation and what NICE Actimize likes to call “self-enablement.” This has led to new business intelligence dashboards, which offer tuning prioritization and operational efficiency. The New Jersey-based vendor has also rolled out the Risk Factor/Scenario Designer function, which allows organizations to create and manage their own custom risk factors and analytics. And its focus on regulatory obligations has led it to add enhancements to solutions that address beneficial ownership requirements and currency transaction report (CTR) requirements.

Additionally, NICE Actimize has also invested in robotic process automation (RPA), which will allow organizations to streamline their AML and customer due diligence investigations and increase productivity throughout the entire AML investigation process. Automation technology transforms investigations and other operational processes that remain manually intensive, time-consuming, and expensive, providing better resource utilization, increased accuracy, and productivity. Anti-money laundering operations is one area that will benefit from the utilization of an “intelligent automation” approach to boost the effectiveness of compliance-related tasks and actions.  

“Financial services organizations are exploring AI techniques for AML, and are trying to come up with specific use-cases, and we can help them identify those and find ways to apply them to best leverage AI on AML solutions,” says a company spokesperson. “Regulators are more open now than in years prior, to leveraging these and other new technologies such as intelligent automation tools that enable financial services organizations to comply with regulations in a more efficient and effective manner. We believe in working together to ensure that the full value of these technologies is being brought to bear on money laundering-related solutions and strategies.”

The company will continue to invest in machine learning and automated tuning capabilities to improve on its already robust detection capabilities and alerts. NICE will also add to its network analytics capabilities to augment existing detection services. “The goal ultimately is to help firms detect sophisticated money laundering schemes such as mule rings and human trafficking, as well as to enable predictive analytics,” notes the spokesperson. 

The vendor is also set to launch ActimizeWatch for AML, a cloud-based analytics optimization solution that uses consortium data and machine-learning techniques to identify cross-organizational money laundering topologies.