NICE Actimize, a NICE business, announced that TF Bank, Sweden, has chosen NICE Actimize AML Essentials, a cloud-based offering of end-to-end anti-money laundering (AML) solutions, to elevate the digital bank’s financial crime prevention program. The AI-driven AML solutions include Transaction Monitoring, Customer Due Diligence, and Screening. TF Bank is a digital bank offering consumer banking services and e-commerce solutions through a proprietary IT platform with a high degree of automation.

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“We look forward to supporting TF Bank and its future growth as it pursues its goals to better protect customers utilizing our advanced suite of AML offerings.”

NICE Actimize’s AML Essentials offers rapid deployment and reduces overhead to support compliance at a lower total cost of ownership. Citing several objectives for its financial crime prevention and anti-money laundering program, TF Bank noted that it was seeking to effectively address global regulations and bring efficiencies to its digital banking initiatives. NICE Actimize solutions were also chosen to accelerate the automation of manual work.

“NICE Actimize continues to invest to support our customers globally, applying our financial crime prevention expertise and SaaS solutions to meet critical needs,” said Craig Costigan, CEO, NICE Actimize. “We look forward to supporting TF Bank and its future growth as it pursues its goals to better protect customers utilizing our advanced suite of AML offerings.”

“As our digital bank implements an advanced anti-money laundering strategy propelled by the innovative SaaS solutions provided by NICE Actimize we will protect our banking customers and provide greater capabilities to support our analysts as they strive to become more efficient,” said Joanna Badawy, Head of Anti-Money Laundering, TF Bank.

NICE Actimize’s entity-centric approach effectively monitors money laundering risks across the customer lifecycle. The Transaction Monitoring functionality optimizes monitoring and detection to improve effectiveness and route high-risk alerts to the right team at the right time. Suspicious Activity Monitoring (SAM) provides AML-tailored analytics for flexible and comprehensive coverage of money laundering red flags.

The Screening function provides pinpoint accurate screening results with advanced matching and AI for party and real-time payments screening. NICE Actimize’s KYC/CDD/EDD capabilities leverage event-based triggers to streamline customer risk assessments and reviews for a more complete understanding of customer risk.

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Source – Businesswire