NICE Actimize Unveils AI-Based AML Transaction Monitoring Tool for Suspicious Activity

NICE Actimize has introduced its innovative Suspicious Activity Monitoring (SAM-10) solution, designed to improve the detection of suspicious activity while reducing false positives. With SAM-10, NICE Actimize has enhanced its anti-money laundering solution, creating a multi-layered defense system that reinforces each layer to provide more comprehensive coverage and detection of suspicious activity for financial institutions.

Additionally, NICE Actimize's SAM-10 solution provides advanced analytics capabilities such as machine learning for detecting anomalies, optimizing models, and performing network risk analytics. These features enable the accurate detection of suspicious transaction patterns and relationships.

“NICE Actimize’s unique, multilayered approach is a true industry differentiator that brings transaction monitoring to the next level. 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,” said Craig Costigan, CEO, NICE Actimize.

Collective Intelligence 

SAM-10 incorporates a unique collective intelligence feature that optimizes detection thresholds. This capability allows the solution to create new models rapidly, leveraging insights gained from the entire industry. SAM-10 also delivers all relevant data for easy review and management of model risks.

Besides enhancing the detection of suspicious activity, SAM-10 also promotes regulatory compliance and aligns with a risk-based approach to transaction monitoring. This enables the solution to reduce the number of false positives and provides more significant alerts for truly suspicious activity, allowing investigation teams to allocate their resources to areas of actual risk.

Additional benefits  

More coverage: SAM-10 extends and improves detection coverage across various industries through NICE Actimize's comprehensive library of pre-built detection models, advanced analytics, and network risk analysis. The solution can accurately identify suspicious connections between transaction counterparties using new network risk analysis detection.

Better investigation: SAM-10 facilitates faster investigations by providing enhanced entity insights, richer information, and an improved user interface. Additionally, it offers network exploration capabilities, enabling users to understand relationships visually.

Flexible Deployment: Deployment options are flexible as they include on-premise or SaaS.

SAM-10 allows for in-depth exploration of network relationships and provides investigators with the necessary tools and information to make informed judgments on suspicious activity accurately.

Elsewhere, NICE Actimize has just launched ActOne10 Case Management, a solution designed to help financial institutions combat financial crime by improving their case management process.