Following this announcement, the Nordics-based digital bank will leverage the comprehensive and secure suite of AI-driven AML services in order to provide optimised customer protection. The NICE Actimize AML Essentials is a cloud-based offering of end-to-end anti-money laundering services, and it will be used in order to enhance TF Bank’s financial crime prevention programme.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Citing several objectives for its financial crime prevention and anti-money laundering programme, TF Bank aims to effectively address global regulations and bring efficiencies to its digital banking initiatives as well.
NICE Actimize’s AML Essentials was developed in order to offer rapid deployment and reduce overhead to support compliance at a lower total cost of ownership. The AI-driven AML solutions include the Transaction Monitoring, Customer Due Diligence, and Screening tools, all focused on optimising customer experience, keeping private information secure, and automating the manual work of the company.
NICE Actimize’s entity-centric approach will effectively monitor money laundering risks across the customer lifecycle. The Transaction Monitoring functionality was designed to improve monitoring and detection in order to enhance effectiveness and route high-risk alerts to the right team quickly. Furthermore, the Screening function provides pinpoint accurate screening results with advanced matching and artificial intelligence for party and real-time payment screening, while the Suspicious Activity Monitoring (SAM) offers AML-tailored analytics for flexible and comprehensive coverage of money laundering red flags.
NICE Actimize will also provide its SaaS solutions and apply its financial crime prevention expertise in order to support TF Bank’s growth as it pursues its strategy to better protect users from fraudulent activities. At the same time, the KYC/CDD/EDD capabilities leverage event-based triggers in order to streamline customer risk assessments and reviews for a more complete understanding of customer risks.
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