Bank Mayapada chooses NICE Actimize to update its AML compliance programs

NICE Actimize, a NICE business and the leader in autonomous financial crime management, has been chosen by PT Bank Mayapada Internasional, Tbk, Jakarta, Indonesia, to launch full-scale improvements within its financial crime operations with anti-money laundering compliance and investigation management solutions that employ artificial intelligence and machine learning technology.

To more effectively meet the needs of its regulators, Bank Mayapada will implement an array of components from NICE Actimize’s Autonomous Anti-Money laundering portfolio, including Suspicious Activity Monitoring, Customer Due Diligence and Watchlist Filtering solutions.

Working with Q2 Technologies as its implementation partner, Bank Mayapada will adopt NICE Actimize’s anti-money laundering portfolio to mitigate the risk in a range of anti-money laundering activities, while supporting the institution’s own “zero-tolerance” policy against anti-money laundering financial crime.

“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 minimize risk and meet the needs of regulators,” said Chandra Kurniawan, Compliance Head of Bank Mayapada.

“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.”

“Bank Mayapada has placed its confidence, and the care of its customers, in NICE Actimize’s Autonomous Financial Crime Management approach,” said Craig Costigan, CEO, NICE Actimize.

“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.

“We look forward to working with Bank Mayapada, and our regional partner Q2, on its journey.”

NICE Actimize Autonomous AML

Bank Mayapada will rely on NICE Actimize’s Autonomous AML suite to modernize its AML programs while creating a single integrated view of the customer.

The NICE Actimize KYC/CDD solution is the latest addition to the Actimize Autonomous AML solution set that leverages the power of artificial intelligence and machine learning to provide more accurate detection and customer risk scoring to reduce compliance risk.

Significant reduction in operational costs are realized through the innovative use of visualization and purpose-built intelligent automation to streamline customer review times by up to 70 percent.

NICE Actimize’s Suspicious Activity Monitoring (SAM) solution, which combines machine learning analytics for laser-accurate detection with intelligent automation, significantly reduce false-positives and virtually eliminates costly manual data gathering tasks, thereby increasing team productivity and reducing investigation time.

The SAM solution introduced NICE Actimize’s innovative concept of Autonomous Financial Crime Management to the anti-money laundering category for the first time.

Don't miss