Valley National Bank select Nice Actimize for AML compliance

Source: Nice Actimize

NICE Actimize, a NICE (NICE) business and the industry's largest and broadest provider of a single financial crime, risk, and compliance software platform for the financial services industry has been selected by Valley National Bank to implement a unified financial crime platform initially focused on strengthened anti-money laundering capabilities.

The implementation will launch with NICE Actimize’s Customer Due Diligence (CDD) solution, following with Suspicious Activity Monitoring (SAM) and Case Management applications. Based in Wayne, New Jersey, Valley National Bank holds approximately $23 billion in assets.

“We are ready to launch a new financial crime platform strategy, with an updated approach to monitoring regulatory and compliance objectives. Early on, we recognized the benefits that a single, unified AML platform would provide throughout our institution,” explained Sheila Leary, First Senior Vice President, Director of AML/BSA Compliance, Valley National Bank. “The breadth and depth of NICE Actimize’s solutions, particularly across anti-money laundering and case management, offers us many operational benefits while at the same time aligning well with our growth expectations as we add institutions to our expanding network.”

Among the NICE Actimize strengths cited by Valley National are its deep industry experience, investment in a long-term product roadmap, and specific experience and robust offerings in CDD, SAM, and Case Management. NICE Actimize’s functionality for CDD supports the complete lifecycle assessment and re-assessment of customer risk as part of Know Your Customer (KYC) applicant onboarding and ongoing customer due diligence processes including complex beneficial ownership structures.

Contributing to lowering Valley’s total cost of ownership while offering profiling capabilities that provide a single customer view, NICE Actimize’s tools such as Policy Manager and DART (Detection and Research Tool) will help to ease AML compliance requirements and to better implement more consistent AML transaction monitoring and CDD programs.

“This strategic win for NICE Actimize demonstrates the strength and accessibility of our AML solutions suite for financial institutions of all sizes and types,” said Joe Friscia, President, NICE Actimize. “We look forward to supporting Valley’s financial crime strategy as we implement a full range of compliance solutions as their trusted AML solution provider.”

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