Nice Actimize has pulled together its customer due diligence anti-money laundering software and Alacra’s Compliance Enterprise customer onboarding data platform to deliver the Actimize Customer Due Diligence (CDD) Suite, an enterprise solution that automates onboarding and ongoing customer risk profiles.
The Actimize CDD Suite allows banks to manage CDD operations centrally and support multiple Know Your Customer (KYC), CDD and enhanced due diligence processes. It also allows bank branches using the Onboarding Model to onboard customers dynamically using automated and standardised data collection processes, and the Alacra Compliance Enterprise platform to assess risk in real-time during the process. In line with the forthcoming Fourth AML Directive, the discovery element of the solution includes beneficial data on each entity, or customer, being onboarded.
Further functionality includes an Enhanced Due Diligence (EDD) Investigator that integrates negative news and adverse media data sources from the Alacra platform to support more accurate risk assessment and faster due diligence investigation resolution. A risk scoring methodology sustains consistent risk measures across a bank’s global activities, and the suite can be integrated with the Nice Actimize sanctions solution.
Before developing the Actimize CDD Suite, the company surveyed 381 AML professionals to discover the operational challenges posed by their existing CDD and KYC solutions. Data availability and quality was reported as the biggest challenge, along with problems such as reliance on manual processes. Operational priorities were led by the need to replace outdated technology with automated solutions and improve data management and quality.
Micah Willbrand, director of product marketing for AML solutions at Nice Actimize, says the Actimize CDD Suite was developed to resolve operational challenges. He explains: “The suite automates client onboarding, includes risk scores and customer risk mitigation, and provides continuous risk monitoring. It provides bank-wide consistency in risk controls used for onboarding and reduces the need for manual processes. Risk assessments can be made at the branch level, which means decisions on accounts are faster, but banks can manage CDD centrally.”
The risk rating, onboarding and EDD Investigator modules of the suite are available immediately, with the news monitoring module due to be ready in the fourth quarter of this year.
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