NICE Actimize Selected by IDB Bank NY

NICE Actimize, a NICE business and leading autonomous financial crime management, has been selected by Israel Discount Bank of New York (IDB Bank), a New York State-chartered commercial bank, to spearhead improvements within its financial crime operations with innovative anti-money laundering compliance and investigation management solutions that employ artificial intelligence and machine learning technology. To more effectively meet the needs of regulators and support its growing customer base, IDB Bank will implement NICE Actimize’s suspicious activity monitoring (SAM) solution within its private banking and commercial banking portfolio, along with its customer due diligence (CDD) solution.

The IDB Bank rollout will also incorporate Actimize ActOne, an investigation management system, which will be implemented as the financial institution’s next generation alert and case management platform. Additionally, IDB Bank will invest in NICE Actimize’s currency transaction reporting (CTR), suspicious activity report (SAR) processing and reporting capabilities which offers complete AML coverage and transparency with automated reporting and regulatory filing that eases AML compliance requirements. NICE Actimize CTR’s built-in validation tools and flexible capabilities enhance the quality and timeliness of completed reports.

“Our investment in NICE Actimize’s anti-money laundering and investigation management solutions, well respected by the industry and regulators, will provide a roadmap for the future with its complete end-to-end capabilities that enrich our anti-money laundering efforts and strengthen our programs,” said Kevin Choi, Chief Compliance Officer IDB Bank of New York, “NICE Actimize’s innovations in machine learning and advanced case management will reduce false-positive alerting and speed up investigations, enabling us to improve our entire financial crime operations effectiveness and efficiency.”

“IDB Bank’s confidence in NICE Actimize’s financial portfolio validates the success of our Autonomous Financial Crime Management approach and demonstrates that we are a vendor of choice for international bank branches,” said Craig Costigan, CEO, NICE Actimize, “We have seen strong adoption around the globe for our AI-enabled anti-money laundering and case management solutions. When integrated, our AML and ActOne solutions provide increased accuracy and productivity, improved return on investment and a clear path to supporting changing regulatory requirements. We look forward to working with IDB Bank of New York on its journey to improve operational efficiency.”

NICE Actimize’s suspicious activity monitoring (SAM) solution, which combines machine learning analytics for laser-accurate detection, virtually eliminates costly manual data gathering tasks thereby increasing team productivity and reducing investigation time. The SAM solution introduced NICE Actimize’s innovative concept of autonomous financial crime management to the anti-money laundering category for the first time.


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