Indonesia’s PT Bank Mayapada Internasional has collaborated with NICE Actimize, a NICE business, to update its Anti-Money laundering (AML) programmes and comply with the local laws.

Under the collaboration, the Indonesian lender will deploy several components from NICE Actimize’s AML portfolio to counter such transactions.

The implementation process will include Suspicious Activity Monitoring, Customer Due Diligence and Watchlist Filtering solutions.

The project will be implemented by Q2 Technologies, Bank Mayapada’s implementation partner.

Besides bolstering its AML programme, the move will help the lender to comply with local regulations.

Bank Mayapada compliance head Chandra Kurniawan said: “Our investment in NICE Actimize’s anti-money laundering and investigation management solutions, well respected by the industry and regulators, will provide us a roadmap for the future, to both minimise risk and meet the needs of regulators.

“Offering complete end-to-end capabilities that enrich our anti-money laundering efforts and strengthen our programs, NICE Actimize’s innovations in machine learning and advanced case management will enable us to improve our entire financial crime operations effectiveness and efficiency.”

NICE Actimize’s Autonomous AML suite, which features multiple solutions, leverages artificial intelligence and machine learning to reduce operational risks.

NICE Actimize CEO Craig Costigan said: ”Regulatory agencies across the globe have recently been encouraging financial institutions to explore the methods that AI and machine learning offer that could improve their compliance programs, provide increased accuracy and productivity, and create a clear path to supporting ever-changing regulatory requirements.”

Recently, Zenus Bank, a soon-to-launch US-based digital lender, agreed to utilise these solutions bolster AML controls.