SOURCE: Actimize

January 22, 2008 11:04 ET

Actimize Unveils First Anti-Money Laundering Customer Due Diligence Solution With Integrated Information Collection Capabilities

New Client Interview Module Helps Banks Collect Client Information in a Risk-Based Approach, Increase Efficiency and Improve Customer Experience

NEW YORK, NY--(Marketwire - January 22, 2008) - Actimize, a leading provider of transactional risk management software for the financial services industry and a NICE Systems company, today announced the Customer Interview Module, a new tool that expands its Anti-Money Laundering (AML) Customer Due Diligence (CDD) solution. The Client Interview Module guides bank staff to collect Know Your Customer (KYC) information accurately and efficiently for risk identification and assessment while helping banks meet industry compliance requirements.

KYC information requirements can be confusing for bank employees and burdensome for clients. Up to this point, collecting that information has been labor-intensive, inflexible and intrusive to the customer base. As part of the larger end-to-end Actimize CDD solution, the new Client Interview Module is a risk-based, rules-driven, integrated framework that helps produce individual customer profiles in an interactive, systematic method.

Best practices from the Financial Action Task Force, Basel Committee and Wolfsberg Group recommend the collection of customer information in order to assess money-laundering risk. Regulatory requirements such as those found in the Third EU Money Laundering Directive, and regulatory guidance found in Federal Reserve and FFIEC BSA Examination Manuals strengthen the standards for KYC and advise institutions to adjust their level of customer due diligence on a 'risk-sensitive basis.'

Actimize's risk-based approach allows institutions to focus on true money laundering risks instead of following rigid checklists, lessening the potential inconvenience for customers while increasing efficiency for bank employees. A dynamic interview format varies the amount and type of information collected based on the given customer, product and service profiles involved. This ensures that financial institutions have consistent and accurate information when it comes time to make decisions and/or meet regulatory requirements.

"The information gathered during both client on-boarding and through back-office operations can greatly enhance the compliance, transaction monitoring and customer due diligence processes," says Brian Kloostra, executive with Crowe Chizek and Company LLC and an expert in anti-money laundering compliance. "A growing number of firms using the technology behind the Actimize Client Interview Module are also exploring how to leverage this framework and information to enhance cross-selling opportunities for customer facing personnel."

"Our clients come to us for efficient, cost-effective solutions to mitigate transactional risk," says Amir Orad, CMO at Actimize. "As an industry leader in customer due diligence, Actimize will continue to add features and tools like the Client Interview Module to its platforms and solutions by developing, partnering, or acquiring new technologies."

The technology powering Actimize's Client Interview Module comes from Crowe Chizek, part of the Actimize Alliance network. US and international financial institutions use Crowe Chizek's information collection application to assist in building a sound AML compliance program.

About Actimize

Mitigating transactional risk across enterprise silos, Actimize is a leading provider of software solutions for anti-money laundering, brokerage compliance and fraud prevention. Built on a patented, scalable and extensible analytics platform, Actimize solutions enable financial institutions to increase their insight into real-time customer behavior and improve risk and compliance performance. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use Actimize solutions to process hundreds of millions of transactions a day. Actimize, a NICE Systems company, has offices in New York, Israel, London and Tokyo. For more information, go to www.actimize.com.

About NICE Systems

NICE Systems is the leading provider of Insight from Interactions™ solutions and value-added services, powered by the convergence of advanced analytics of unstructured multimedia content and transactional data -- from telephony, web, email, radio, video, and other data sources. NICE's solutions address the needs of the enterprise and security markets, enabling organizations to operate in an insightful and proactive manner, and take immediate action to improve business and operational performance and ensure safety and security. NICE has over 24,000 customers in 100 countries, including over 85 of the Fortune 100 companies. More information is available at http://www.nice.com.

About Crowe Chizek and Crowe Group

Crowe Group LLP, the parent company of Crowe Chizek and Company LLC (www.crowechizek.com), is one of the top 10 public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe assists clients in reaching their goals through services ranging from assurance and financial advisory to performance, risk, and tax consulting. Crowe professionals provide public and private companies with thought leadership in the financial services, healthcare, government, private equity-sponsored, inventory-based, and not-for-profit industry sectors, among many others. With 23 offices and more than 2,300 personnel, Crowe has been recognized by a number of organizations as one of the country's best places to work. Crowe serves clients worldwide as the leading independent member of Horwath International.

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of the management of NICE Systems Ltd. (the Company) only, and are subject to a number of risk factors and uncertainties, including but not limited to changes in technology and market requirements, decline in demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel, loss of market share, pressure on pricing resulting from competition, and inability to maintain certain marketing and distribution arrangements, which could cause the actual results or performance of the Company to differ materially from those described therein. We undertake no obligation to update these forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission.

Contact Information

  • Press Contact:
    Jonathan Stotts
    Actimize
    +1-212-994-3865
    Email Contact