NICE Actimize to support Bank Mayapada in modernising anti-money laundering programme using artificial intelligence


Image: NICE Actimize selected by Bank Mayapada. Photo: Courtesy of Gerd Altmann/Pixabay

Indonesian bank PT Bank Mayapada Internasional has selected NICE Actimize to upgrade its financial crime operations with anti-money laundering (AML) compliance and investigation management solutions.

The programme will involve full-scale improvements and the deployment of artificial intelligence (AI) and machine learning (ML) technology.

The bank intends to 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, to effectively meet the needs of the regulators.

Bank Mayapada will work with Q2 Technologies as its implementation partner to adopt NICE Actimize’s anti-money laundering platform. It will help mitigate the risk across a range of anti-money laundering activities, while supporting the banks’ ‘zero-tolerance’ policy against anti-money laundering.

The bank will use NICE Actimize’s Autonomous AML suite to modernise its AML programmes while creating a single integrated view of the customer.

Claimed to be the latest addition to the Actimize Autonomous AML solution, NICE Actimize KYC/CDD solution leverages AI and ML to offer accurate detection and customer risk scoring to reduce compliance risk.

Actimize AML solution could help reduce operational costs at the bank

The implementation is also expected to result in a significant reduction in operational costs through the use of visualisation and purpose-built intelligent automation to streamline customer review times by up to 70%.

NICE Actimize’s Suspicious Activity Monitoring (SAM) solution combines machine learning analytics for accurate detection with intelligent automation. It can also reduce false-positives, eliminate the costly manual data-gathering tasks, and increase team productivity, while reducing the investigation time.

The SAM solution had also introduced NICE Actimize’s new concept of Autonomous Financial Crime Management to the anti-money laundering category.

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

“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.”