UAE Exchange turns to Nice Actimize for financial crime kit

Source: Nice Actimize

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 support the Abu Dhabi headquartered UAE Exchange, with a portfolio of financial crime solutions, including Actimize Anti-Money Laundering and Actimize Integrated Fraud Management (IFM) solutions.

The NICE Actimize AML and Fraud implementations are currently being rolled out across the financial institution's operations around the world. UAE Exchange primarily deals with remittance, currency exchange and bill payment solutions.

"At UAE Exchange, our objective has always been to strengthen our ability to fight financial crime by investing in proven compliance and monitoring systems," said Promoth Manghat, CEO, UAE Exchange. "We were looking for AML sanction screening, customer due diligence and transaction monitoring systems that could be implemented across our branches globally. These solutions are being customized and integrated with our own technology architecture, transaction systems and fraud management so as to reduce monitoring costs, improve investigative efficiency and provide comprehensive regulatory coverage. We are glad to associate with NICE Actimize and further augment our compliance program."

Core to UAE Exchange's new corporate compliance implementation will be NICE Actimize's Suspicious Activity Monitoring, Customer Due Dilgence and Watch List Filtering capabilities. With these solutions, the financial institution will leverage 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 will allow the institution to more efficiently address evolving money laundering and terrorism financing threats. These systems, coupled with the Actimize Integrated Fraud Management Platform, will also provide UAE Exchange real-time alerts for money laundering and fraud scenarios.

"As we expand our global footprint to leading financial institutions such as UAE Exchange, we are seeing an increased demand for solutions that provide a holistic, integrated approach to fighting financial crime across anti-money laundering, terrorist financing and fraud," said Joe Friscia, President of NICE Actimize. "At the same time, our customers want to implement solutions that reduce operational risk while reducing total cost of ownership."

"Our team of former compliance officers and other subject matter experts stays current with the rapidly evolving global regulatory environment," said Ed Sander, Global VP and General Manager, Anti-Money Laundering, NICE Actimize. "We believe that the missions of UAE Exchange and NICE Actimize are perfectly aligned in their common objective to protect financial institutions and their customers in emerging markets from a range of financial crimes, including money laundering schemes and similar concerns."

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