Money laundering – turning cash from illegal activities into “clean” cash – is a global problem. Many nations around the world have regulations regarding money laundering that typically require humans to do the onerous work of ferreting out “dirty” money. In recent years, however, we have seen the emergence of anti-money laundering (AML) software that uses technology to automate the tedious activities demanded by AML compliance.
This week, NICE Actimize, a division of the global NICE organization, announced that it has been recognized as a “leader” company in anti-money laundering solutions by research and advisory firm Forrester Research. The analyst firm included NICE Actimize among the most significant vendors in the market in its recent report titled, “The Forrester Wave: Anti-Money-Laundering (AML) Solutions, Q3 2022.” Based on Forrester’s 26-criterion evaluation, the report is aimed at helping financial institutions and government departments find the right solutions to meet their needs.
NICE Actimize was awarded the highest scores possible within 19 criteria across the “Current Offering,” “Strategy,” and “Market Presence” categories of Forrester’s report. In the “Current Offering” category, NICE Actimize’s current AML solution received Forrester’s highest score possible in such measured criteria as users and roles, watch list management and screening (sources, mechanics), what-if versioning and reporting (within rules based scoring and alerting criterion), two AI-based machine learning and scoring sub criteria (governance, supervised), investigations (queue definitions and routing, case management), and scale.
In the Strategy category, measured criteria include execution roadmap, market approach, enhancements (KYC/CDD and FRAML- Fraud and Anti-Money-Laundering plans), partner ecosystem, and in supporting services criteria addressing developers, support engineers and professional services.
“NICE Actimize places an understanding of the customer and their associated risk at the heart of its investments in providing industry-leading anti-money laundering solutions,” said Craig Costigan, CEO of NICE Actimize. “NICE Actimize’s entity-centric AML solutions, infused with AI and machine learning, not only optimize efficiency and accuracy but also provide full regulatory compliance coverage and auditability.”
According to Forrester, “In its current AML offering, the vendor offers a strong management of users and roles (including a powerful, purpose-built way to define multitenancy), robust Artificial Intelligence (AI) and machine learning (ML) governance, and plentiful out-of-the-box supervised machine learning models. Case management for analysts/investigators is highly customizable.”
Edited by Erik Linask