As part of their collaboration, Creand Crèdit Andorrà is set to integrate a suite of NICE Actimize’s financial crime solutions into its operations to address global AML regulations more efficiently. The company’s holdings include financial institutions in Andorrà, Luxembourg, Spain, Panama, and the US. From NICE Actimize’s offerings, Creand Crèdit Andorrà selected its Suspicious Activity Monitoring (SAM), Customer Due Diligence (CDD-X) and Watchlist Screening (WL-X) solutions, which underline the company’s industry knowledge and continued investment, as well as its commitment to AML technology, including intelligence automation, network analytics, machine learning features, and an augmented case management component.
The agreement with Creand Crèdit Andorrà comes shortly after NICE Actimize partnered with TF Bank to improve the latter’s financial crime prevention programme via AML and SaaS services. The digital bank intended to utilise the suite of AI-driven AML services to scale customer protection. In addition, TF Bank aimed to leverage the NICE Actimize AML Essentials, a cloud-based offering of end-to-end AML services, to optimise its financial crime prevention programme.
The Suspicious Activity Monitoring service focuses on ensuring the detection of potentially illicit transactions, leveraging machine learning algorithms to offer increased precision. NICE Actimize’s system intends to augment an institution’s ability to identify and manage risk, maintain the trust of customers and handle regulatory requirements. On the other hand, the CDD-X tool delivers a risk-based approach and optimises customer life cycle risk management with event-driven risk monitoring, utilising AI and machine learning. Creand Crèdit Andorrà also chose to integrate NICE Actimize’s WL-X screening solution, which uses the capabilities of AI for data management, advanced screening and customer onboarding.
When commenting on the announcement, representatives from Creand Crèdit Andorrà underlined that NICE Actimize previously established the foundation for the institution's current AML and financial crime platform. The agreement now enables Creand Crèdit Andorrà to benefit from the company’s advanced portfolio of financial crime solutions. The move can be attributed to the environment in Andorrà, with the region attracting global investors, which requires an optimised approach for both evaluating customer onboarding and monitoring transactions. NICE Actimize is set to support Creand Crèdit Andorrà in adapting to the ongoing market fluctuations.
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