NICE Actimize Adds AI-Based Suspicious Activity Monitoring to AML Solutions

NICE Actimize has added Suspicious Activity Monitoring (SAM-10) to its Anti-Money Laundering (AML) solutions.

The new SAM-10 features artificial intelligence (AI)-based AML transaction monitoring and multilayered analytics to detect more suspicious activity, reduce false positives and complement the company’s other AML solutions for financial institutions, NICE Actimize said in a Wednesday (April 19) press release.

“Part of NICE Actimize’s Anti-Money Laundering suite of solutions, the new SAM-10 solution’s entity-centric AML approach delivers data to enrich profiles and multiple layers to segment, monitor and ensure that only true suspicious activity is identified,” NICE Actimize said in the release. “With SAM-10, suspicious activity can be intricately understood, accurately monitored and detected more quickly.”

PYMNTS research has found that 62% of all FIs experienced an increase in financial crime.

In addition, 58% of FIs said the sophistication of fraud schemes is a challenge in combating fraud, according to “The State of Fraud and Financial Crime in the U.S.,” a PYMNTS and Featurespace collaboration.

FIs were fined nearly $5 billion for AML violations, breaches of sanctions and flaws in know your customer (KYC) systems in 2022.

These penalties imposed for failing to stop financial crimes were 50% higher in 2022 than they were in the previous year, leading to warnings that these fines aren’t stopping the flaws in the system that have allowed criminals to funnel money into banks and other FIs.

The new SAM-10 supports regulatory compliance, provides a risk-based approach to transaction monitoring, and can be deployed on premises or via Software-as-a-Service (SaaS), according to the press release.

It joins the NICE Actimize lineup, which includes AML detection, fraud prevention and trading surveillance solutions for regional and global FIs and government regulators, the release said.

“NICE Actimize’s unique, multilayered approach is a true industry differentiator that brings transaction monitoring to the next level,” NICE Actimize CEO Craig Costigan said in the release. “For financial institutions to be more effective, monitoring technology that explores relationships with connected parties, understands suspicious connections and accurately follows the flows of funds has become increasingly important.”