Independent research firm notes how NICE Actimize’s approach helps
clients create a single, consistent approach to AML
NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest and
broadest provider of a single financial crime, risk and compliance
software platform for the financial services industry, was profiled in a
CEB TowerGroup analyst report, “Combatting Rising Threats with Aging
Infrastructure” Anti-Money Laundering Systems Market Update, issued this
month. The report reflects the need of the retail banking industry to
diagnose the technology attributes and anti-money laundering (AML)
systems that target those industry requirements.
As the CEB report observes, “NICE Actimize’s approach to the market
helps clients create a single, consistent approach to AML, enabling
clients to transition towards enterprise risk management.”
“About 38% of commercial banking executives are planning to replace
their existing AML solutions in an effort to take a more proactive
stance to financial crimes and take advantage of the advancing
analytical and predictive capabilities of modern AML platforms,” said
Andy Schmidt, CEB TowerGroup Research Director and Principal Executive
Advisor for the report. Schmidt adds, “Leading banks are finding that
the same capabilities they use to predict and assess risk can also be
used to predict customer needs and generate relationship insights,
thereby providing further value from their AML platforms.”
“This report outlines the NICE Actimize approach to the current state of
the AML marketplace, as well as our future vision for the AML function
within a financial institution,” said David Kwan, General Manager,
Anti-Money Laundering, NICE Actimize. “As the compliance function within
financial institutions continues to grow in importance, we are
continuing to evolve our products and services to this ever important
function.”
According to the new CEB TowerGroup analyst report, “Financial
institutions of all sizes are dedicating more resources than ever to
implementing and managing new regulatory provisions. For example, new
regulations have doubled compliance costs for the six largest US banks,
rising from $34.7 billion in 2007, to $70.1 billion in 2013. Regulators
are cracking down on money laundering requirements, leading to a series
of monumental fines at the largest global banks. In 2013 and 2014 alone,
banks paid nearly $15 billion in money laundering violations, making
this compliance area one of the highest risks for banks.”
For more information on NICE Actimize’s CDD Suite, please visit: www.niceactimize.com/cddsuite.
About NICE Actimize
NICE Actimize is the largest and broadest provider of financial crime,
risk and compliance solutions for regional and global financial
institutions, as well as government regulators. Consistently ranked as
number one in the space, NICE Actimize experts apply innovative
technology to protect institutions and safeguard consumers and investors
assets by identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time, cross-channel
fraud prevention, anti-money laundering detection, and trading
surveillance solutions that address such concerns as payment fraud,
cybercrime, sanctions monitoring, market abuse, customer due diligence
and insider trading. Find us at www.nice.com/actimize.
About NICE Systems
NICE Systems (NASDAQ:NICE) is the worldwide leading provider of software
solutions that enable organizations to take the next best action in
order to improve customer experience and business results, ensure
compliance, fight financial crime, and safeguard people and assets.
NICE’s solutions empower organizations to capture, analyze, and apply,
in real time, insights from both structured and unstructured Big Data.
This data comes from multiple sources, including phone calls, mobile
apps, emails, chat, social media, video, and transactions. NICE
solutions are used by over 25,000 organizations in more than 150
countries, including over 80 of the Fortune 100 companies. www.nice.com.
Technology Assessment Disclaimer
CEB does not endorse any vendor, product or service depicted in our CEB
TowerGroup publications and does not advise technology users to select
only those vendors rated “best in class.” CEB TowerGroup research
publications consist of the opinions of CEB TowerGroup’s analysts and
should not be construed as statements of fact. CEB disclaims all
warranties, expressed or implied, with respect to this research,
including any warranties of merchantability or fitness for a particular
purpose.
Trademark note: Actimize, the Actimize logo, NICE, and the NICE
logo are trademarks or registered trademarks of NICE Systems Ltd. and/or
its subsidiaries. All other marks are trademarks of their respective
owners. For a full list of NICE Systems' marks, please see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements
This press release contains forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, including the statements by Mr. Kwan, are
based on the current expectations of the management of NICE-Systems Ltd.
(the Company) only, and are subject to a number of risks and
uncertainties that could cause the actual results or performance of the
Company to differ materially from those described herein, including but
not limited to the impact of the global economic environment on the
Company’s customer base (particularly financial services firms) and the
resulting uncertainties; changes in technology and market requirements;
decline in demand for the Company's products; inability to timely
develop and introduce new technologies, products and applications;
difficulties or delays in absorbing and integrating acquired operations,
products, technologies and personnel; loss of market share; pressure on
pricing resulting from competition; and inability to maintain certain
marketing and distribution arrangements. For a more detailed description
of the risk factors and uncertainties affecting the company, refer to
the Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company’s Annual Report on Form 20-F.
The forward-looking statements contained in this press release are made
as of the date of this press release, and the Company undertakes no
obligation to update or revise them, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160224005255/en/
Copyright Business Wire 2016