The new Suspicious Activity Monitoring system (SAM-10) is part of NICE Actimize’s Anti-Money Laundering suite of solutions and relies on an entity-centric AML approach that delivers multiple layers to segment, monitor, and make sure that it only identifies true suspicious activity. In essence, SAM-10 provides in-depth insight into suspicious activities, and it allows security experts to monitor them accurately and detect them quickly.
When it comes to analytics, the new solution incorporates next-generation features, including machine learning for advanced anomaly detection, as well as model optimisation, and network risk analytics. Thanks to these capabilities, SAM-10 is capable of detecting suspicious relationships and transaction patterns with accuracy.
SAM-10 can also optimise detection thresholds thanks to its collective intelligence capabilities, which allow it to develop new models based on industry-wide learnings. The product encourages a risk-based approach to transaction monitoring and supports regulatory compliance.
Some of the most important elements of the SAM-10 product include flexible deployment options in the form of on-premise or SaaS solutions, as well as improved entity insights that offer more information and an improved user experience when compared to previous offerings. The solution also offers network exploration capabilities for a visual understanding of relationships.
As for coverage, SAM-10 leverages NICE Actimize's catalogue of out-of-the-box detection models, advanced analytics, and network risk detection in order to extend and improve detection coverage across all industry verticals. This feature is particularly relevant when it comes to helping identify suspicious connections between transaction counterparties using new network risk analysis detection.
In March 2023, NICE Actimize launched its Money Mule Defense Solution, which can detect fraudulent activity throughout the customer lifecycle. The product leverages AI-based technology to use a new execution strategy that taps into diverse algorithms to identify fraud and online threads and eliminate them.
Money mules’ movements secure illicit funds from banks and financial institutions. NICE Actimize’s Money Mule Defence Solution was designed to detect any early mule account activities that might occur throughout the entire customer lifecycle, and eliminate them in real-time for both existing clients and newly created accounts.
The product focuses on both the money mules that may unwittingly be involved in fraudulent transactions or activities and the directly complicit cases in irregular money movements.
For more information about NICE Actimize, please check out their detailed profile in our dedicated, industry-specific Company Database.
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