Tonik, a digital-only bank in Southeast Asia, has selected NICE Actimize to enhance its anti-money laundering (AML) capabilities.
The bank will use the vendor’s cloud-based AML Essentials solution, which facilitates transaction monitoring, customer due diligence, as well as sanctions screening.
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In recent years, several banks including Bank Mayapada Internasional, Zenus Bank, and Varo Money have turned to NICE Actimize to combat fraud.
NICE Actimize CEO Craig Costigan said: “As digital banking becomes more widely accepted, regulators continue to examine compliance rules for this new banking channel.
“We look forward to providing TONIK with the necessary support to address the changing requirements that it may face throughout the region.”
AML Essentials is also designed to lower overhead and enable quick implementation.
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By GlobalDataTonik CEO and founder Greg Krasnov said: “We believe that digital banking is capable of operating on a higher level of financial compliance than traditional banks, and our partnership with NICE Actimize is strongly indicative of the higher standard of trust, reliability and compliance that we intend to foster in the digital banking space across Southeast Asia.”
Last month, Tonik announced plans to launch the first digital-only bank in the Philippines. It already obtained a licence from the country’s central bank for the venture.
Users of the bank’s digital platform can gain access to various retail financial products such as deposits, loans, current accounts, payments, and cards.
The bank recently opted for Finastra’s Fusion Essence solution to support its core banking capabilities.
