Why TF Bank has Selected NICE Actimize for AML Compliance
As regulators continue to increase their scrutiny of digital banking operations worldwide, financial institutions are facing mounting pressure to strengthen their compliance controls.
But with this pressure comes increased cost. A LexisNexis Risk Solutions report found that the total cost of financial crime compliance in EMEA reached US$85bn annually in 2024, with cryptocurrencies, digital payments and AI technologies continuing to emerge as tools for illicit activities.
With AML procedures consuming a significant portion of these compliance budgets, FIs have begun to deploy automated solutions to help manage compliance requirements while controlling costs – reducing manual processes that often make compliance operations expensive and prone to error.
NICE Actimize, a financial crime prevention software provider and subsidiary of NICE Systems, has secured a contract with TF Bank to implement its cloud-based anti-money laundering (AML) system across the Swedish digital bank’s European operations.
- Total cost of financial crime compliance in EMEA reached US$85bn annually in 2024
- NICE Systems serves over 25,000 organisations across 150 countries
- TF Bank operates in 13 European markets through subsidiaries, branches and cross-border banking
The company’s AML Essentials platform provides automated transaction monitoring and customer screening capabilities to detect potential money laundering activities, and uses AI to analyse customer behaviour and flag suspicious patterns.
TF Bank expands compliance capabilities
TF Bank, which operates across 11 European markets including Germany, Poland and Spain, will deploy the system to strengthen its compliance processes.
The bank, founded in 1987, provides consumer banking and e-commerce solutions through an automated technology platform, with its operations spanning three segments: credit cards, e-commerce solutions and consumer lending.
The implementation includes transaction monitoring software that analyses customer activity for potential money laundering red flags and customer due diligence tools that assess client risk levels. The system also includes screening capabilities that check customer and payment details against watchlists.
We will protect our banking customers and provide greater capabilities to support our analysts as they strive to become more efficient.
NICE Actimize’s entity-centric approach monitors money laundering risks throughout the customer lifecycle, from onboarding to ongoing transactions. The system’s Suspicious Activity Monitoring (SAM) component incorporates specific analytics designed to identify money laundering indicators.
“As our digital bank implements an advanced anti-money laundering strategy propelled by the innovative SaaS solutions provided by NICE Actimize, we will protect our banking customers and provide greater capabilities to support our analysts as they strive to become more efficient,” says Joanna Badawy, Head of Anti-Money Laundering at TF Bank.
NICE Actimize technology enhances TF Bank’s AML capabilities
The cloud-based system aims to reduce the manual workload for compliance teams by automating customer risk assessments and transaction monitoring. The software uses machine learning algorithms to improve the accuracy of suspicious activity detection over time.
NICE Actimize continues to invest to support our customers globally, our financial crime prevention expertise and SaaS solutions to meet critical needs.
The Know Your Customer (KYC) and Customer Due Diligence (CDD) modules use event-based triggers to streamline risk assessments. This automation enables compliance teams to develop a more comprehensive understanding of customer risk profiles.
The screening functionality employs AI to match customer and payment data against watch lists with increased accuracy – reducing false positives that often create additional work for compliance teams.
TF Bank cited regulatory compliance and operational efficiency as key drivers for selecting the NICE Actimize platform. The bank aims to enhance its ability to meet global anti-money laundering regulations while streamlining its digital banking operations.
“NICE Actimize continues to invest to support our customers globally, our financial crime prevention expertise and SaaS solutions to meet critical needs,” says Craig Costigan, CEO of NICE Actimize. “We look forward to supporting TF Bank and its future growth as it pursues its goals to better protect customers utilizing our advanced suite of AML offerings.”
Explore the latest edition of FinTech Magazine and be part of the conversation at our global conference series, FinTech LIVE.
Discover all our upcoming events and secure your tickets today.
FinTech Magazine is a BizClik brand
