How does NICE Actimize AML Platform compare to Abrigo BAM+ Anti-Money Laundering?

NICE Actimize AML Platform is a comprehensive solution for detecting, preventing, and reporting money laundering activities. Leveraging advanced analytics, machine learning, and behavioural modelling, the platform can monitor transactions in real-time, identifying suspicious patterns and ensuring compliance with global anti-money laundering (AML) regulations.

The platform offers customizable detection scenarios, automated workflows, and intuitive dashboards, enabling financial institutions to enhance operational efficiency and minimize regulatory risks.

The following are the key use-cases for the AML platform:
- Retail Banking: Monitoring and detecting suspicious cash deposits, withdrawals, and wire transfers.
- Private Banking: Enhanced due diligence for high-net-worth clients and offshore accounts.
- Crypto and Fintech: Screening and monitoring transactions involving cryptocurrencies and digital assets.
- Correspondent Banking: Identifying risks in cross-border transactions and correspondent relationships.

Key Components of the NICE Actimize AML Platform

1. Transaction Monitoring
- Monitors transactions in real-time and batch processes to identify suspicious patterns.
- Configurable scenarios and thresholds for detecting unusual activities.
- Leverages AI and machine learning to adapt to evolving financial crime techniques, reducing false positives while improving detection accuracy.

2. Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
- Automates customer risk assessment at onboarding and throughout the customer lifecycle.
- Evaluates risk factors such as geography, business type, and transaction behavior.
- Offers EDD capabilities for high-risk clients, providing deeper insights and automated workflows for risk management.

3. Sanctions Screening
- Real-time and batch screening of transactions, customers, and counterparties against global sanctions, watchlists, and PEP (Politically Exposed Persons) lists.
- Uses fuzzy logic and name-matching algorithms to minimize false positives and improve efficiency.
- Integrates with various regulatory and third-party watchlist providers for up-to-date screening.

4. Entity Resolution and Network Analytics
- Identifies and resolves entities across data sources to uncover hidden relationships and networks.
- Enables financial institutions to link suspicious activities across accounts and transactions, improving the ability to detect complex laundering schemes.
- Visualizes relationships and money flow for enhanced investigation capabilities.

5. Case Management
- Centralized case management system to streamline investigation workflows and ensure compliance with audit and regulatory requirements.
- Facilitates collaboration across teams, enabling detailed documentation of investigations.
- Offers built-in reporting tools for regulatory filings, including Suspicious Activity Reports (SARs).

BAM+ is a configurable anti-money laundering (AML) software tailored to an institution's unique risk profile, customers, and needs. It enhances the detection, management, and resolution of suspicious financial activities. Key features include:

- Data Validation: Ensures accurate ingestion of customer and transaction data.

- Direct Filing: Allows batch filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) directly to FinCEN, streamlining compliance processes.

- Automated Risk Rating: Customizes risk tolerances and applies them across the BSA program for consistent risk assessment.

- **Advanced Reporting**: Provides insights into the AML program, aiding data-driven decision-making.

- OFAC Screening: Integrates watchlist screening to identify alerts from over 25 scanned watchlists, ensuring compliance with sanctions.

- Machine Learning Scenarios: Utilizes AI to uncover anomalies and gain insights about customers or members.

- Customer Due Diligence: Keeps CDD/EDD and Know Your Customer programs compliant and efficient with Due Diligence Manager.

- Cannabis-Related Business Management: Offers tools to navigate the complex landscape of CRBs/MRBs, supporting unique risk profiles.

BAM+ is supported by a team of experts, including former bankers, regulators, and BSA Officers, providing institutions with the expertise needed to maintain compliance and effectively combat financial crime.

• 🏆 Ranked - Leader by Forrester (2024)
• 🏆 Best AI-based Solution for Customer Experience by AI Breakthrough Awards (2024)
• 🏆 Category Winner - Use of AI for Customer Service by Chartis (2024)
• 🏆 Category Winner - Use of AI in AML and Transaction Monitoring by Chartis (2024)
• 🏆 Category Winner - Use of AI in Financial Crime Risk by Chartis (2024)
• 🏆 Financial Crime and Compliance50 2024 - Ranked 1 by Chartis (2024)
• 🏆 RiskTech AI 50 2024 - Ranked 8 by Chartis (2024)
• 🏆 Ranked - Leader by IDC (2024)
• 🏆 Category Winner - Use of AI in communication and control by Chartis (2024)
• 🏆 RiskTech100 2024 - Ranked 15 by Chartis (2024)
• 🏆 Category Winner - Case Management by Chartis (2024)

NICE Actimize is a leading provider of financial crime, risk, and compliance solutions for organisations in the financial services industry. A division of NICE, Actimize leverages analytics, artificial intelligence (AI), and machine learning to help its clients mitigate risks, detect fraud, prevent financial crimes, and ensure regulatory compliance. NICE Actimize has headquarters in Ra'anana, Israel, and offices worldwide.

NICE Actimize consistently ranks highly in 'top' lists for financial crime and fraud solutions. Currently, its key solutions cover AML, Enterprise Fraud Management, Financial Markets Compliance, Investigation and Case Management and KYC.

brigo, founded in 2000 and headquartered in Austin, Texas, is a prominent provider of compliance, credit risk, and lending software solutions tailored for financial institutions. The company's mission is to "Make Big Things Happen," emphasizing its commitment to assisting community financial institutions in navigating complex regulatory landscapes, resource constraints, and evolving market dynamics.

Over the years, Abrigo has strategically expanded its capabilities through several key acquisitions:

2018: Acquired MainStreet Technologies (MST) and Sageworks, leading to the rebranding as Abrigo in January 2019.
2019: Integrated Farin Financial Risk Management into its portfolio.
2022: Purchased Valuant and BankLabs' Construct and +Pay construction loan administration and funding solutions.
2023: Added DiCOM Software to enhance its service offerings.
2024: Welcomed TPG Software, further expanding its mission-critical solutions for financial institutions.

These acquisitions have bolstered Abrigo's product suite, enabling the company to offer comprehensive solutions that automate processes such as anti-money laundering, fraud detection, credit risk management, and lending services. By integrating these diverse capabilities, Abrigo empowers financial institutions to mitigate risk, streamline workflows, and make informed decisions with confidence.

As of 2024, Abrigo employs approximately 768 individuals across multiple locations, including Austin, Texas; Madison, Wisconsin; and Raleigh, North Carolina.