Thailand-based Bank of Ayudhya/Krungsri has selected Nice Actimize to bolster its anti-money laundering compliance and case management platform.
Under the collaboration, the Bank of Ayudhya will implement NICE Actimize’s Suspicious Activity Monitoring (SAM9) solution to fulfil regulatory requirements as well as manage a growing customer base.
The latest version of SAM solution, equipped with Autonomous Financial Crime Management, incorporates machine learning analytics for crime detection and eliminates manual data gathering.
Not only will it reduce investigation time, the solution is also expected to increase productivity of the bank.
The lender will also implement investigation management platform Actimize ActOne. As a result, that will serve as an alert and case management platform.
Bank of Ayudhya chief compliance officer Saengchart Wanichwatphibun said: “Krungsri Group’s core philosophy is founded on good governance with a steadfast commitment to fight against money laundering and financial crime.
“The NICE Actimize solutions, using intelligent automation and a strong case management approach, are designed to enrich our anti-money laundering efforts and strengthen our programme to counter terrorist financing activities.
“Since the NICE Actimize solutions go beyond the traditional rules-based controls, with the addition of machine learning and robotics to reduce false-positive alerting and to speed up investigations, we believe that they will contribute to our efforts to make our fight against financial crime more efficient and effective.”
NICE Actimize president Joe Friscia said: “We are seeing major 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 regulator requirements.”