The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Nice Actimize Integrates with Alacra to Deliver Automated Customer Due Diligence Suite

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 Operational priorities were led by the need to replace outdated technology with automated solutions and improve data management and quality.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.

Related content

WEBINAR

Recorded Webinar: Adverse media screening – how to cut exposure to criminal activity, from money laundering to human trafficking

Screening for adverse media coverage of counterparties presents an incredible opportunity for financial institutions to limit risk exposures and identify bad actors early. It is required by regulations such as the EU’s sixth Anti-Money Laundering Directive (AML 6), and is one of the most effective ways to steer clear of potential connections with sanctioned activity...

BLOG

Fenergo Transaction Gives 70% Ownership to Astorg and BridgePoint at $1.64 Billion Valuation

After months of speculation, Fenergo has secured new ownership and capital for future growth in a deal that values the Irish provider of KYC and client relationship management software at $1.64 billion. Under the transaction, French private equity group Astorg and BridgePoint, a London-based hedge fund, have acquired a majority stake in Fenergo, buying out...

EVENT

RegTech Summit New York

Now in its 7th year, the RegTech Summit in NYC will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...