DBS adopts Nice AML and transaction monitoring tech

Source: NICE Systems

NICE Actimize, a NICE Systems (NICE) business and the largest and broadest provider of financial crime, risk and compliance solutions for the financial services industry, will continue its support of Singapore's DBS Bank by providing significant upgrades to the institution's financial crime solutions portfolio, including advancements in Suspicious Activity Monitoring, Customer Due Diligence, and Enterprise Risk Case Management solutions.

The upgrades will be implemented across the bank's operations in 17 markets in phases. DBS is a leading financial services group in Asia, with a presence in more than 250 branches across 17 markets.

DBS has adopted an integrated anti-money laundering strategy across all of its core AML systems. The upgrade to the next-generation of Actimize AML and Case Management technology will help DBS address challenges in the changing regulatory and operating environment as the bank continues to grow. Specifically, the NICE Actimize transaction monitoring system supports multi-tenant installations, as well as multiple currency, which allows DBS to apply differing local currency reporting standards while managing them within a centralized framework.

DBS will also leverage new and improved analytics within the Actimize transaction monitoring system to increase flexibility during the customer on-boarding process. The enhanced functionality available within Actimize's Suspicious Activity Monitoring and Customer Due Diligence solutions is designed to allow DBS to more proactively meet evolving money laundering and terrorism financing threats by allowing the institution to couple out-of-the-box AML rule detection scenarios with NICE Actimize's industry leading analytical solutions - giving DBS a layered approach to its transaction monitoring program.

Additionally, Actimize's Enterprise Risk Case Management solution will help DBS gain significant operational efficiencies and visibility by providing a holistic view of risk across multiple lines of business, channels, products, and regions. The solution also allows for seamless integration with existing case management, alerting, and detection systems.

"We decided to continue with NICE Actimize's newest generation of solutions as they complement our financial crime strategy and the company has a proven track record in anti-money laundering solutions," said Richard Moore, Managing Director, Group Head of Financial Crime and Security Services, DBS. "We saw powerful benefits for us, with a fully integrated anti-money laundering platform coupled with the adoption of a single case management system, that will enable us to expand and inject alerts from other solutions over time."

"We continue to build our experience and relationships with the leading financial institutions in Asia Pacific," said Joe Friscia, President of NICE Actimize. "In this ever-changing and complex climate, it is critical that institutions choose a financial crime strategy that takes a holistic view, across anti-money laundering, fraud and compliance, to enable the institution to better manage operational risk."

For more information on NICE Actimize's proven Financial Crime and Compliance Solutions in Fraud Prevention, Anti-Money Laundering, Financial Markets, and Enterprise Risk Management please visit our website.

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