[March 19, 2019] |
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NICE Actimize Selected by IDB Bank NY to Innovate Anti-Money Laundering Compliance and Investigation Management Using Advanced AI
NICE Actimize, a NICE (Nasdaq: NICE) business and the leader in Autonomous
Financial Crime Management, has been selected by Israel Discount
Bank of New York (IDB Bank), a New York State-chartered commercial bank,
to spearhead improvements within its financial crime operations with
innovative anti-money laundering compliance and investigation management
solutions that employ artificial intelligence and machine learning
technology. To more effectively meet the needs of regulators and support
its growing customer base, IDB Bank will implement NICE Actimize's Suspicious
Activity Monitoring (SAM) solution within its private banking and
commercial banking portfolio, along with its Customer
Due Diligence (CDD) solution.
The IDB Bank rollout will also incorporate Actimize
ActOne, an investigation management system, which will be
implemented as the financial institution's next generation alert and
case management platform. Additionally, IDB Bank will invest in NICE
Actimize's Currency
Transaction Reporting (CTR), Suspicious Activity Report (SAR)
processing and reporting capabilities which offers complete AML coverage
and transparency with automated reporting and regulatory filing that
eases AML compliance requirements. NICE Actimize CTR's built-in
validation tools and flexible capabilities enhance the quality and
timeliness of completed reports.
"Our investment in NICE Actimize's anti-money laundering and
investigation management solutions, well respected by the industry and
regulators, will provide a roadmap for the future with its complete
end-to-end capabilities that enrich our anti-money laundering efforts
and strengthen our programs," said Kevin Choi, Chief Compliance
Officer IDB Bank of New York. "NICE Actimize's innovations in
machine learning and advanced case management will reduce false-positive
alerting and speed up investigations, enabling us to improve our entire
financial crime operations effectiveness and efficiency."
"IDB Bank's confidence in NICE Actimize's financial portfolio validates
the success of our Autonomous Financial Crime Management approach and
demonstrates that we are a vendor of choice for international bank
branches," said Craig Costigan, CEO, NICE Actimize. "We have seen
strong adoption around the globe for or AI-enabled anti-money
laundering and case management solutions. When integrated, our AML and
ActOne solutions provide increased accuracy and productivity, improved
return on investment and a clear path to supporting changing regulatory
requirements. We look forward to working with IDB Bank of New York on
its journey to improve operational efficiency."
NICE Actimize's Suspicious
Activity Monitoring (SAM) solution, which combines machine learning
analytics for laser-accurate detection, virtually eliminates costly
manual data gathering tasks thereby increasing team productivity and
reducing investigation time. The SAM solution introduced NICE Actimize's
innovative concept of Autonomous Financial Crime Management to the
anti-money laundering category for the first time.
Additional assets:
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For NICE Actimize's integrated anti-money laundering solutions, please
click here.
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For NICE Actimize's ActOne Investigation Management, please click here.
About IDB Bank IDB Bank is a New York State-chartered
commercial bank and a member of the FDIC. IDB specializes in Private
Banking and Commercial Banking services to its U.S. and international
customers. The Bank's network includes its main office in Manhattan,
branches in Staten Island, Brooklyn, and Short Hills, NJ, in addition to
branches in Beverly Hills and Downtown Los Angeles, California; and
Aventura, Florida. The Bank also has an International Banking facility
at its main office in New York; and representative offices in Chile,
Israel and Uruguay. Securities brokerage and insurance activities are
conducted through IDB Capital Corp., a broker-dealer regulated by FINRA
and the SEC (News - Alert). To learn more about IDB Bank visit www.idbny.com
About NICE Actimize NICE Actimize is the largest and
broadest provider of financial crime, risk and compliance solutions for
regional and global financial institutions, as well as government
regulators. Consistently ranked as number one in the space, NICE
Actimize experts apply innovative technology to protect institutions and
safeguard consumers and investors assets by identifying financial crime,
preventing fraud and providing regulatory compliance. The company
provides real-time, cross-channel fraud prevention, anti-money
laundering detection, and trading surveillance solutions that address
such concerns as payment fraud, cybercrime, sanctions monitoring, market
abuse, customer due diligence and insider trading. Find us at www.niceactimize.com,
@NICE_Actimize or Nasdaq: NICE.
About NICE NICE (Nasdaq: NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions. www.nice.com
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks of
their respective owners. For a full list of NICE's marks, please see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release
contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Costigan are based on the
current beliefs, expectations and assumptions of the management of NICE
Ltd. (the Company). In some cases, such forward-looking statements can
be identified by terms such as believe, expect, may, will, intend,
project, plan, estimate or similar words. Forward-looking statements are
subject to a number of risks and uncertainties that could cause the
actual results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of the
global economic environment on the Company's customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; changes in technology and market
requirements; decline in demand for the Company's products; inability to
timely develop and introduce new technologies, products and
applications; difficulties or delays in absorbing and integrating
acquired operations, products, technologies and personnel; loss of
market share; an inability to maintain certain marketing and
distribution arrangements; and the effect of newly enacted or modified
laws, regulation or standards on the Company and our products. For a
more detailed description of the risk factors and uncertainties
affecting the company, refer to the Company's reports filed from time to
time with the Securities and Exchange Commission, including the
Company's Annual Report on Form 20-F. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company undertakes no obligation to update or revise
them, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190319005397/en/
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