Swedish digital bank TF Bank has selected NICE Actimize’s AML Essentials, a cloud-based offering of end-to-end anti-money laundering (AML) solutions, to enhance its financial crime prevention strategies.
These AML solutions include modules for Transaction Monitoring, Customer Due Diligence, and Screening.
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The AML Essentials are designed for quick deployment and aim to lower overheads, supporting compliance efforts at a reduced total ownership cost.
TF Bank has outlined several goals for its financial crime and anti-money laundering initiatives, including the need to comply with global regulations and to bring efficiency to its digital banking operations.
The adoption of NICE Actimize’s solutions is also a strategic move to enhance the automation of processes that are currently manual.
NICE Actimize CEO Craig Costigan said: “NICE Actimize continues to invest to support our customers globally, applying our financial crime prevention expertise and SaaS solutions to meet critical needs.
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By GlobalData“We look forward to supporting TF Bank and its future growth as it pursues its goals to better protect customers utilising our advanced suite of AML offerings.”
NICE Actimize’s solutions enables monitoring of money laundering risks throughout the customer lifecycle.
The Transaction Monitoring feature is engineered to optimise the detection process, ensuring that high-risk alerts are directed to the appropriate teams in a timely manner.
The Suspicious Activity Monitoring (SAM) component provides tailored analytics for AML, offering flexible and comprehensive coverage of potential money laundering indicators.
The Screening tool from NICE Actimize uses advanced matching algorithms and AI to offer accurate results for both party screening and real-time payment screening.
Additionally, the firm’s Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) capabilities are expected to enhance by event-based triggers that streamline customer risk assessments and reviews. This results in thorough understanding of customer risk profiles.
TF Bank Anti-Money Laundering head Joanna Badawy said: “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.”
