TF Bank, a Swedish digital bank, has partnered with NICE Actimize, a provider of financial crime, risk and compliance solutions, to strengthen its anti-money laundering (AML) programme.
The bank will implement NICE Actimize’s AML Essentials, a cloud-based suite that includes transaction monitoring, customer due diligence, and screening tools.
Known for its rapid deployment and lower total cost of ownership, the solution is designed to optimise compliance and efficiency.
The partnership reflects TF Bank’s aim to address global regulatory requirements while enhancing operational efficiency.
NICE Actimize’s AML Essentials will leverage AI and an entity-centric approach to monitor money laundering risks across the customer lifecycle.
Key features include party and real-time payments screening powered by advanced AI, pinpoint accurate screening results, and suspicious activity monitoring (SAM) equipped with AML-tailored analytics for comprehensive red flag detection.
The solution also incorporates event-based triggers to streamline customer risk assessments and reviews, providing TF Bank with a deeper understanding of customer risks.
Additionally, the automation of manual processes will support analysts in focusing on high-priority tasks, driving greater efficiency within the bank’s financial crime prevention framework.
“NICE Actimize continues to invest to support our customers globally, applying our financial crime prevention expertise and SaaS solutions to meet critical needs.
We look forward to supporting TF Bank and its future growth as it pursues its goals to better protect customers utilizing our advanced suite of AML offerings.”
said Craig Costigan, CEO, NICE Actimize.
“As our digital bank implements an advanced anti-money laundering strategy propelled by the innovative SaaS solutions provided by NICE Actimize we will protect our banking customers and provide greater capabilities to support our analysts as they strive to become more efficient,”
said Joanna Badawy, Head of Anti-Money Laundering, TF Bank.
Featured image credit: edited from freepik
