NICE Actimize, a NICE (Nasdaq:NICE) business and the industry´s largest and broadest provider of a single financial crime, risk, and compliance software platform for the financial services industry has been selected by Bank of Communications Co. Ltd., New York, which operates as a branch of Bank of Communications Co., Ltd. China, to implement a unified financial crime platform initially focused on strengthened anti-money laundering and customer due diligence capabilities, the company said.
The implementation will include NICE Actimize´s Suspicious Activity Monitoring (SAM) for correspondent and wholesale banking, Customer Due Diligence (CDD) and Watch List Filtering solutions. The institution´s parent company, based in Shanghai, is ranked as China´s fifth largest financial institution.
Bank of Communications New York chose NICE Actimize´s competitive offerings in Transaction Monitoring, Customer Due Diligence and Watchlist Filtering, due to its deep industry experience, strong vision, and continued investment and commitment to AML technologies. NICE Actimize´s functionality for CDD supports the complete lifecycle assessment and re-assessment of customer risk as part of Know Your Customer (KYC) regulatory requirements including complex beneficial ownership structures.
Bank of Communications (BoCom) was founded in 1908 and is one of the note-issuing banks with the longest history in modern China. Bank of Communications is the 5th largest Chinese bank and 22nd largest bank in the world with 232 domestic branches and 20 overseas entities in 16 countries.
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators.
NICE is the world´s provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens.