How does Firco Global WatchList compare to NICE Actimize AML Platform?

Firco Global WatchList by LexisNexis Risk Solutions is a robust screening solution that ensures compliance with global sanctions and regulatory requirements. The platform consolidates multiple watchlists, including sanctions lists, politically exposed persons (PEP) databases, and adverse media sources, providing comprehensive risk intelligence.

With real-time updates and advanced matching algorithms, Firco Global WatchList minimizes false positives while ensuring thorough risk assessments. The solution integrates seamlessly into existing compliance workflows, enabling organizations to streamline operations and maintain regulatory adherence.

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).

• 🏆 Ranked - Strong Performer by Forrester (2024)
• 🏆 Best Overall AI Company by AI Breakthrough Awards (2024)
• 🏆 Named on RegTech100 by FinTechGlobal (2024)
• 🏆 Financial Crime and Compliance50 2024 - Ranked 4 by Chartis (2024)
• 🏆 RiskTech100 2024 - Ranked 13 by Chartis (2024)

• 🏆 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)

LexisNexis Risk Solutions is a global data and analytics company that provides information-based analytics, decision tools, and data management services to help organizations make informed decisions, stay compliant, reduce risk, and improve operations

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.