Complementing NICE Actimize’s AML solutions
portfolio, CipherTrace cryptocurrency solutions detect money
laundering and enable regulatory supervision
With cryptocurrency-related compliance issues on the rise, and
an increase in enforcement actions anticipated, the need for
financial institutions to adopt solid AML programs addressing this
market segment is expected to escalate this year. With this
activity at the forefront, NICE Actimize, a NICE business
(Nasdaq: NICE) and leader in Autonomous Financial Crime
Management, today announced that CipherTrace, a leading provider of
cryptocurrency intelligence and blockchain security, has joined the
X-Sight Marketplace, the industry’s first financial
crime and compliance ecosystem. The X-Sight Marketplace gateway
connects financial services organizations with data, applications,
tools and service providers, all in one place, to allow users to
experience the value of choice while reducing integration
timelines.
The CipherTrace offering identifies cryptocurrency
transactions going to digital wallets and crypto exchanges that are
known to have significant illicit activity or poor client due
diligence processes. Utilizing the CipherTrace offering, crypto
exchanges and wallets will have greater visibility to criminal
activity for which the transactions can be screened, and
appropriate actions taken.
“As financial services organizations take a more active role
within the virtual currency landscape, they are increasingly
focused on understanding their client’s investment in these
currencies as well as the velocity of the funds traveling in and
out of the exchanges,” said Craig Costigan, CEO, NICE
Actimize. “The addition of a strong cryptocurrency innovator
like CipherTrace to the X-Sight Marketplace not only complements
our robust anti-money laundering portfolio but also supports FSOs
as they strengthen their strategies against cryptocurrency-related
fraud and money laundering activities.”
“Financial services organizations are looking for technology
offerings that integrate with their existing compliance program as
they address the challenges of cryptocurrency adoption, both to
protect their reputations and their customer’s assets,” said
David Jevans, Chief Executive Officer and Founder,
CipherTrace. “This problem is much bigger than many
financial institutions realize. Recent CipherTrace research found
that a typical large bank processes as much as $2 billion a year in
cryptocurrency-related transfers. We are pleased to partner with
NICE Actimize and its X-Sight Marketplace ecosystem to strengthen
the need in this area while fighting financial crime.”
Cryptocurrency theft surged in 2019 compared to the previous
year, with more money flowing through digital exchanges and an
increasing number of criminals looking to carry out bigger heists,
according to CipherTrace’s study “Cryptocurrency Anti-Money
Laundering (AML) Report.” The report also stated that around
one-third of the top 120 crypto exchanges are "weak" when it comes
to know-your-customer (KYC) verification, while fully two-thirds
"lack strong KYC policies," reinforcing the need for effective
technology solutions that specialize in cryptocurrencies.
NICE Actimize’s X-Sight Marketplace currently has nearly 40
partners in its growing ecosystem, with offerings addressing such
categories as customer & counterparty intelligence, data
management, device & channel intelligence, identity
verification, screening & adverse media, user authentication
& fraud, CDD/KYC, transaction monitoring, and alert & case
management.
For more information on the X-Sight Marketplace, please click
here.
About CipherTrace CipherTrace is the world’s leader in
cryptocurrency intelligence, with the most comprehensive tracing,
risk scoring and threat detection—including more than 800 tokens
and over 500 crypto exchanges and virtual assets businesses.
CipherTrace’s anti-money laundering, compliance monitoring, and
Crypto Risk Intelligence solutions are powered by advanced
cryptocurrency intelligence and used by top banks. Financial
investigators and auditors use CipherTrace blockchain to trace
virtual asset transactions. Leading exchanges, virtual currency
businesses, banks, and regulators themselves use CipherTrace to
comply with regulation and to monitor compliance. CipherTrace was
founded in 2015 by experienced Silicon Valley entrepreneurs with
deep expertise in cybersecurity, eCrime, payments, banking,
encryption, and virtual currencies. The U.S. Department of Homeland
Security Science and Technology (S&T) and DARPA initially
funded CipherTrace, and it is backed by leading Silicon Valley
venture capital investors.
Visit www.ciphertrace.com for more information or follow the
company on Twitter @CipherTrace and on LinkedIn.
About NICE Actimize 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. Consistently ranked as number one in the
space, NICE Actimize experts apply innovative technology to protect
institutions and safeguard consumers and investors assets by
identifying financial crime, preventing fraud and providing
regulatory compliance. The company provides real-time,
cross-channel fraud prevention, anti-money laundering detection,
and trading surveillance solutions that address such concerns as
payment fraud, cybercrime, sanctions monitoring, market abuse,
customer due diligence and insider trading. Find us at
www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.
About NICE NICE (Nasdaq: NICE) is the world’s leading
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.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Costigan are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the Company). In some cases, such forward-looking
statements can be identified by terms such as believe, expect, may,
will, intend, project, plan, estimate or similar words.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause the actual results or performance of
the Company to differ materially from those described herein,
including but not limited to the impact of the global economic
environment on the Company’s customer base (particularly financial
services firms) potentially impacting our business and financial
condition; competition; changes in technology and market
requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies,
products and applications; difficulties or delays in absorbing and
integrating acquired operations, products, technologies and
personnel; loss of market share; an inability to maintain certain
marketing and distribution arrangements; and the effect of newly
enacted or modified laws, regulation or standards on the Company
and our products. For a more detailed description of the risk
factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200117005010/en/
Corporate Media Contact: Cindy Morgan-Olson,
+1-551-256-5000, NICE Actimize,
cindy.morgan-olson@niceactimize.com
Investors: Marty Cohen, +1 551 256 5354, ET, ir@nice.com,
Yisca Erez, +972-9-775-3798, CET, ir@nice.com
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