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NICE Actimize Launches AI-Based AML Transaction Monitoring Platform

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NICE Actimize has launched its Suspicious Activity Monitoring (SAM-10) solution, which uses AI techniques to apply multi-layered analytics to the AML transaction monitoring process. NICE Actimize reckons the approach is able to detect more suspicious activity while reducing false positives.

SAM-10 is an upgrade to NICE Actimize’s existing AML solution, and forms part of NICE Actimize’s Anti-Money Laundering suite of solutions. The new SAM-10 solution’s entity-centric AML approach delivers data to enrich profiles and multiple layers to segment, monitor, and ensure that only truly suspicious activity is identified.

SAM-10 also offers next-generation analytics, including machine learning for advanced anomaly detection, model optimization, and network risk analytics, helping to detect suspicious relationships and transaction patterns accurately.

According to NICE Actimize CEO Craig Costigan, “For financial institutions to be more effective, monitoring technology that explores relationships with connected parties, understands suspicious connections, and accurately follows the flows of funds has become increasingly important.” With its collective intelligence capability, SAM-10 optimizes detection thresholds, and can quickly develop new models based on industry-wide learnings, with all artifacts delivered for easy explainability and model risk management reviews.

While increasing the identification of suspicious activity, SAM-10 supports regulatory compliance and improves alignment to a risk-based approach to transaction monitoring. This approach means fewer false positives and more meaningful, truly suspicious alerts so that investigation teams can focus their efforts on risk.

Nice Actimize says SAM-10s other main benefits include:

  • Enhanced Coverage: With NICE Actimize’s extensive catalogue of out-of-the-box detection models, advanced analytics, and network risk detection, SAM-10 extends and enhances detection coverage across all industry verticals, especially in helping identify suspicious connections between transaction counterparties using new network risk analysis detection.
  • Faster Investigations: Improved entity insights provide richer information and improved UI. The solution also offers network exploration capabilities for a visual understanding of relationships.

Flexible Deployment: Deployment options include on-premise or SaaS.

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