NICE Actimize launches the SAM-10 AML Detection Solution

NICE Activate launches new anti-money laundering (AML) transaction monitoring solution based on artificial intelligence (AI) with multi-layered analysis to better detect suspicious activity.

NICE Actimize is launching its Suspicious Activity Monitoring Solution (SAM-10), which the company developed to detect more suspicious activity while reducing false positives.

In addition to this, SAM-10 introduces significant enhancements to its existing AML solution, which includes multiple layers of defense that reinforce the others and offer comprehensive coverage and detection of suspicious activity for financial institutions.

Part of NICE Actimize’s AML suite of solutions, the new SAM-10 solution’s device-centric AML approach delivers data to enrich profiles and multiple layers to segment, monitor and ensure only genuine suspicious activity is identified.

With the SAM-10, suspicious activity can be understood, monitored accurately and detected more quickly.

The solution also offers next-generation analytics, including machine learning for advanced anomaly detection, model optimization and network risk analysis, capable of accurately detecting suspicious conditions and transaction patterns.

“NICE Actimize’s unique, multi-layered approach is a true industry differentiator that takes transaction monitoring to the next level,” comments Craig CostiganCEO of NICE Actimize.

“For financial institutions to be more efficient, monitoring technology that explores relationships with connected parties, understands suspicious relationships and accurately tracks cash flows has become increasingly important,” adds Costigan.

Growing typologies

With its collective intelligence capability, SAM-10 optimizes detection thresholds and is able to develop new models based on industry-wide learning, with all artifacts provided for easy explanation and model risk management reviews.

While increasing the identification of suspicious activity, SAM-10 supports regulatory compliance and improves alignment with a risk-based approach to transaction monitoring. This approach means fewer false positives and more meaningful, truly suspicious alerts, allowing investigative teams to focus their efforts on risk.

Adam McLaughlin, Director of AML Strategy for NICE Actimize, comments: “Identifying suspicious activity in a sea of ​​alerts has always been a challenge for transaction monitoring. The industry must change if it is to stand a chance of stopping criminals.

“That chance is now here with NICE Actimize SAM-10, an evolution in transaction monitoring. With SAM-10, we’ve built three layers of defense to reduce noise but uncover known and previously unknown suspicious activity.”