Image
January 20, 2020

NICE Actimize Adds Crypto AML Provider CipherTrace to Marketplace

CipherTrace has joined the NICE Actimize X-Sight Marketplace, the financial crime and compliance ecosystem, which connects financial firms with data, applications, tools and service providers.

Complementing NICE Actimize’s AML solutions portfolio, CipherTrace crypto solutions detect money laundering and enable regulatory supervision. Utilising the CipherTrace offering, crypto exchanges and wallets have greater visibility into criminal activity.

“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.”

The NICE Actimize X-Sight Marketplace currently has nearly 40 partners, with offerings including customer and counterparty intelligence, data management, identity verification, user authentication and fraud, CDD/KYC, and transaction monitoring.


Popular
Most Viewed

Image

Related Articles


June 30, 2022

SIMM Falls Short says PRA Letter to Banks




2 MIN



Risk Management


June 28, 2022

FMSB Statement of Good Practice on Trading Platform Disclosures




2 MIN



Regulation


June 20, 2022

Regulatory change and data fragmentation are key challenges for 85% of firms




2 MIN



Regulation