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SEB Deploys NICE Actimize's Market Abuse Solution
By Anshu Shrivastava, TMCnet Contributor
NICE Actimize, a NICE Systems company and a provider of a single financial crime, risk and compliance software platform for the financial services industry, has announced that Skandinaviska Enskilda Banken (SEB) has seen results from the deployment of the company’s Market Abuse solution.
This announcement makes SEB the first bank in Sweden to fully implement a modern enterprise-wide system to comply with Europe's Market Abuse Directive.
Within the first two weeks of production, the Actimize Market Abuse solution provided some high quality alerts that would not have otherwise been uncovered in a timely fashion, said Gent Jansson, group head of compliance at SEB.
Jansson said that the deployment was fast, executed on time and has lived up to expectations. “We've even had other banks and regulators visit us to learn more about how we are using the solution.”
A set of regulations adopted in 2004 by European Union member states, Market Abuse Directive reinforces market integrity and transparency across all financial instruments for all market participants. It prohibits insider dealing and market manipulation, amongst other illicit behavior.
In Sweden and in Europe in general, many banks still rely on manual or semi-automated processes to adhere to the Market Abuse regulations.
“NICE Actimize is committed to helping financial institutions and regulators address Market Abuse requirements as the Directive is fully enforced throughout the EU,” said Bruno Piers de Raveschoot, vice president and managing director for Europe and Asia Pacific at NICE Actimize.
The company has significant experience in successfully deploying Market Abuse solutions for clients in Western European countries and are continuing to expand into new jurisdictions as regulatory deadlines loom for firms and regulators, he said.
Using Actimize Market Abuse solution, European financial institutions and regulators expect to increase their insight into suspicious behavior and improve risk management and compliance performance.
Company officials said that it uses proven detection models with sophisticated analytical methods to assign priority scores to alerts, thus improving the efficiency of regulators, trading managers and compliance staff.
All NICE Actimize solutions, including the Market Abuse solution, are all built on a single technological platform. Company officials said that this provides firms with the flexibility to add new financial crime and compliance capabilities over time.
Earlier this year in July, Spain-based Savings bank Caja Madrid deployed Market Abuse solution to comply with strict requirements imposed by the Spanish regulator Comision Nacional del Mercado (News - Alert) de Valores, and to better align with the EU market abuse directive.
Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.
Edited by Juliana Kenny