NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) subsidiary Actimize and a Singapore unit of Unisys Corporation (NYSE: UIS) will implement a transaction surveillance system for Singapore's largest financial institution.
Unisys today announced that its Singapore subsidiary and Actimize will implement an advanced financial crime surveillance system for DBS Bank that monitors transactions and analyzes potentially suspicious patterns across the bank’s product channels.
DBS Bank is Singapore’s largest financial institution and one of the largest financial services groups in Asia. DBS is the first bank in Asia to install such a system on an end-to-end, cross-border, and bank-wide basis.
Unisys will deploy Actimize’s fraud prevention and anti-money laundering solutions across DBS Bank’s Asia Pacific operations.
The bank expects the system to help detect illegal operations ranging from fraud and money laundering to terrorism financing activities. The Actimize system can also be expanded to help with securities trading compliance.
DBS Group managing director and group head of compliance services and security Peter Hazlewood said that the system "will assist us in complying with regional and global anti-money laundering and combating the financing of terrorism regulations”.
The solution uses advanced analytics that identify, manage and reduce potential risks by mining transactions for patterns that could be suspicious. The system responds to identified risks by sending automatic alerts to investigators.
One model of the system can prevent a transaction or generate an alert when it sees an online bill payment above a threshold amount from an Internet location in a suspicious foreign country to a payee account with a suspicious address. Other models will detect and block remittances to or from known terrorist organizations.
Ra'anana-based NICE bought Actimize for $280 million at the end of August in a cash and share deal.
Shares in NICE are up 0.04% in Tel Aviv Stock Exchange (TASE) trading to NIS 91.12. Yesterday, NICE's Nasdaq-traded shares rose 0.7% yesterday to $28.25, reflecting a market cap of $1.68 billion.
Actimize provides software solutions for anti-money laundering, brokerage compliance, and fraud prevention. Six of the top 10 global banks and eight of the top 10 U.S. brokerages use an Actimize solution.
Published by Globes [online], Israel business news - www.globes-online.com - on July 8, 2008
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