Fifth Third deploys Nice Actimize risk engine

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, has been selected by Fifth Third Bancorp, a diversified financial services company, to provide Customer Due Diligence (CDD) anti-money laundering software to help it move to a more automated, centrally managed environment for its customer onboarding risk assessment processes.

Fifth Third will utilize NICE Actimize's Core Risk Rating Engine, which leverages extensive out-of-the-box and user-defined risk factors to systematically assess customer risk as customer characteristics change and business environments adapt. From customer onboarding to ongoing risk monitoring to account closure, the NICE Actimize CDD solution is designed to enable integrated anti-money laundering lifecycle management.

"Fifth Third Bancorp continues our relationship with NICE Actimize which offers us deep domain expertise coupled with industry-proven solutions and best practices," said Paul Dougherty, Senior Vice President and Director of Financial Crimes Compliance at Fifth Third.

Explains Edward Sander, Global VP and General Manager, AML, NICE Actimize: "At NICE Actimize, we are totally focused on our customers' needs in the financial services industry, so we are pleased to continue our longstanding relationship with Fifth Third as it continues to enhance its existing financial crime programs. A strong, automated KYC/CDD approach provides financial institutions with an important competitive advantage, allowing them to onboard new customers more quickly."

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