NEW YORK, January 15, 2014 /PRNewswire/ --
NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the
largest and broadest provider of a single financial crime, risk and
compliance software platform for the financial services industry,
has been chosen by Republic Bank of Chicago to implement Actimize Anti-Money
Laundering (AML) solutions, including the Actimize Suspicious
Activity Monitoring and Customer Due Diligence (CDD) solutions, in
support of the community bank's recently updated anti-money
laundering strategy. The implementation of the Actimize AML
solutions are designed to be more cost-effective, obtain better
quality alerts, provide greater consistency to better support
regulatory compliance, and reduce risk. Republic Bank of
Chicago is a 40-year old community
bank with more than $1 billion in
assets.
According to Lillian Vukmirovic,
Senior Vice President, Operations and BSA Officer for Republic Bank
of Chicago, regulatory pressures,
combined with the fact that the bank outgrew its previously
installed transaction monitoring system, led to the bank's
development of a restructured anti-money laundering strategy and
the adoption of these two key components of Actimize's Anti-Money
Laundering (AML) suite.
"The industry-proven AML solutions from NICE Actimize met our
objective for getting our AML system working more effectively on
our behalf, combined with our confidence in their commitment to
continually invest in updating their solutions' features," said
Vukmirovic. "We were looking to create an effective anti-money
laundering platform that would replace our current AML system,
allowing us to house all three of our divisions under one platform,
and eliminating any current manual processes being performed today.
Furthermore, we also believe that Actimize's solutions will better
equip us to address any future regulatory changes."
"The industry's community banks are facing increased regulatory
scrutiny and compliance issues, and we have addressed this concern
with our industry-proven technologies and experience," said Amir
Orad, president and CEO, NICE
Actimize. "Our advanced solutions will cost-effectively
support the bank as it works to keep up with the evolving
regulatory landscape."
The Actimize Suspicious Activity Monitoring (SAM) solution
provides Republic Bank of Chicago
with extended scenario coverage to identify and report
suspicious transactions related to money laundering and
terrorist financing, by leveraging one of the industry's largest
libraries of detection rules, and the capability to combine profile
and behavioral analytics.
In addition, the Actimize Customer Due Diligence (CDD) solution
provides dynamic customer onboarding and risk scoring as part of
Know Your Customer (KYC) due diligence processes, thus providing
increased assessment accuracy of customer risk throughout the
customer relationship lifecycle. With the Actimize solutions,
Republic Bank of Chicago can
automate CDD policies and processes to streamline onboarding and
can reduce approval response time, improve customer experience, and
maintain comprehensive risk evaluations that meet regulatory
compliance scrutiny.
About Republic Bank Chicago
Serving Chicagoland for more than 40 years, Republic Bank of
Chicago was founded in 1964 with a
single location on the southwest side. Republic Bank has thrived as
a family-owned neighborhood bank, growing to sixteen locations
throughout the Chicago area with
its corporate headquarters located in Oak
Brook, IL. Republic Bank of Chicago is a strong community bank with over
$1 billion in assets.
About NICE Systems
NICE Systems (NASDAQ: NICE) is the worldwide leading provider of
software solutions that enable organizations to take the next best
action in order to improve customer experience and business
results, ensure compliance, fight financial crime, and safeguard
people and assets. NICE's solutions empower organizations to
capture, analyze, and apply, in real time, insights from both
structured and unstructured Big Data. This data comes from multiple
sources, including phone calls, mobile apps, emails, chat, social
media, video, and transactions. NICE solutions are used by over
25,000 organizations in more than 150 countries, including over 80
of the Fortune 100 companies. http://www.nice.com.
Trademark note: Actimize, the Actimize logo, NICE, and
the NICE logo are trademarks or registered trademarks of NICE
Systems. All other marks are trademarks of their respective owners.
For a full list of NICE Systems' marks, please see:
http://www.nice.com/nice-trademarks.
Press Contacts:
Cindy Morgan-Olson
+1-212-851-8842
NICE Actimize
cindy.morgan-olson@actimize.com
Investors:
Marty Cohen
+1-212-574-3635 (ET)
ir@nice.com
SOURCE NICE Systems Ltd.