Quantifind, KYC2020 Offer Free AML Tools Via NICE Actimize Marketplace


NICE Actimize has announced that two new X-Sight Marketplace partners are offering a range of free tools and services designed to boost the operational efficiency of AML investigations during the onslaught of COVID-19 related demands.

Focusing on automation and screening requirements, the customized AML solutions include Quantifind, a provider that drives automation and efficiency for financial crime applications by modeling predictive signals from public domain data, and KYC2020 LLC, a firm which focuses on sanctions screening requirements of small and medium-sized firms with next-generation technology.

Quantifind is offering the use of its Batch API software service which will allow financial institutions to triage daily alerts and to focus limited resources where there is the highest risk. This AI solution for anti-money laundering and fraud detection uniquely discovers risk by combining internal financial institution data with public domain data. It automates approximately 60% of a large investigative team’s alerts triage workflow and improves manual investigative efficiencies by up to 30-50%, Quantifind claims.

Ari Tuchman, CEO and Co-founder at Quantifind, commented: “During this time when we need to work together, we are working with financial institutions to help them focus and increase operational efficiency. We look forward to working with the NICE Actimize Marketplace team to deliver exceptional support during this challenging period.”

KYC2020 LLC offers a number of options to firms that include a free one-hour consultation and free toolkit that allows them to conduct an AML/CFT risk assessment and to identify the sanction and PEP watchlists they should be screening. These tools also help design AML programs and conduct reviews. KYC2020’s current solutions include a global watch list and PEP database, a watchlist filtering service, and a sanction screening decision service.

Customers can license the watchlist data to use with existing screening solutions or its cloud-based screening service for watchlist filtering and scoring, or let its intelligent systems manage its sanction screening decision service.

Rajeev Bahri, Co-Founder and Managing Director of KYC2020, said: “During these uncertain times, it is key that small and medium-sized organizations have access to affordable services and solutions that help them remain compliant and keep their businesses protected. Our network of qualified CAMS™ certified AML specialists look forward to partnering with NICE Actimize and supporting its customers through its advanced Marketplace ecosystem.”

Craig Costigan, CEO, NICE Actimize, commented: “With the COVID-19
environment placing significant demand on our customers, we are
working together with our Marketplace partners to address operational
risk and burgeoning regulatory compliance challenges for financial
services organizations of all sizes. The X-Sight Marketplace continues
to offer specialized capabilities that support best-in-class financial
crime, risk, and compliance management.”

The NICE Actimize X-Sight Marketplace is the first financial crime and
compliance ecosystem that connects financial services organizations
with data, applications, tools, and service providers providing both
the value of choice and the ability to reduce integration timelines.

It currently has more than 45 partners in its growing ecosystem, with
offerings addressing such categories as customer and counterparty
intelligence, data management, device and channel intelligence,
identity verification, screening and adverse media, user
authentication and fraud, CDD/KYC, transaction monitoring, and alert
and case management.