Nice launches biometric watch list solution, U.S. Treasury to support AML tool innovation

Nice Actimize has introduced a biometric watch list screening solution to enable superior data management and advanced screening capabilities for frictionless customer onboarding and payments.

The new WL-X solution provides real-time, on-demand screening using to match individuals making payments against global sanctions, politically-exposed persons (PEP) and adverse media lists with face biometrics to help reduce fraud and meet regulatory obligations.

“Sanctions screening is a critical function across AML operations, but it still relies on traditional technology and workflows,” said Neil Katkov, PhD, Head of Risk, at research and advisory firm Celent. “It makes sense to apply the next-generation technologies that are already transforming investigation and other areas of AML to these legacy-burdened processes.”

The solution also draws together and organizes list data from public and private sources, as well as internal lists, and provides full auditability.

“NICE Actimize’s innovative screening technology supports financial services organizations looking to boost accuracy and efficiency while complying with global regulations,” comments Craig Costigan, CEO of NICE Actimize. “A cost-effective anti-money laundering compliance program includes advanced screening capabilities to reduce regulatory risk, generate high quality matches with lower false positives while speeding operational efficiency. And with NICE Actimize WL-X technology, organizations get all of these benefits.”

The next-generation WL solution includes real-time and batch screening capabilities, seamless data to aggregated, normalized and verified data from a range of sources, facial biometrics for precise matching and advanced fuzzy matching, adaptive machine learning to ensure low false positive rates, and full control across the AML value chain, according to the announcement.

Nice says Actimize’s Autonomous AML suite modernizes AML programs for up-to-date regulatory compliance. It combines the WL-X solution with tools for Suspicious Activity Monitoring, Customer Due Diligence/KYC, Suspicious Transaction Activity Reporting (STAR), Currency Transaction Reporting (CTR) and cloud-based analytics service X-Sight ActimizeWatch.

Treasury signals intention to work with private sector on digital ID

The U.S. Treasury, meanwhile, discussed the value of interoperable and privacy-preserving digital identity in roundtable talks on global financial integrity, economic recovery, competitiveness and financial inclusion.

At a U.S. Financial Sector Innovation Policy Roundtable event held over two days between policy-makers and private sector representatives, how governments can help support better digital ID systems domestically and through international cooperation received significant attention, according to a Treasury announcement.

Treasury Secretary Janet Yellen noted that cryptocurrencies have been used to launder money by drug traffickers and to finance terrorism, and recognized private sector efforts to thwart financial crime.

“My message to you is: Our department is here to help scale and leverage that kind of responsible innovation,” Yellen said. “By working together, we can better stem the flow of dark money from organized crime and terrorist financiers. We’ll be better able to spot criminals who want to sell weapons of mass destruction on the black market. And we’ll be better positioned to stop adversaries from hacking our institutions or interfering in our elections.”

Yellen also noted that digital ID technology can help improve pandemic financial relief efforts.

Innovation Hubs and Tech Sprints could help, the participants suggest, in the development of innovative tools for fintech, regtech, and ‘suptech,’ which refers to financial sector supervision and examination.

The digital divide and America’s broadband deserts were also noted during the talks.

Article Topics

AML  |  biometric payments  |  biometrics  |  digital identity  |  facial recognition  |  fraud prevention  |  identity verification  |  KYC  |  NICE  |  onboarding  |  screening