NICE Actimize to boost AML cloud transformation for Canada’s Vancity

By Megha Bhattacharya

NICE Actimize announced today that it has been selected by Vancouver City Savings Credit Union (Vancity), a member-owned financial co-operative headquartered in British Columbia, Canada. The collaboration is expected to enable the latter to drive and implement its modernized, cloud-based antimoney laundering operation. Vancity aims to improve its investigators’ efficiency, allowing them to fight financial crime more effectively while containing costs and complying with Canadian regulations.

“Addressing today’s changing environment can be difficult as regulations, guidelines and threats constantly evolve. Applying modern technologies that incorporate AI, automation and the cloud, NICE Actimize is proud to support Vancity and its journey to protecting the institution, its members, and assets with our advanced suite of financial crime solutions,” said Craig Costigan, CEO, NICE Actimize. “Our strong domain expertise and advanced technology will build a more efficient anti-money laundering platform for the cooperative.”

According to NICE, Vancity will expand its financial crime solutions’ footprint by integrating NICE Actimize’s AML Essentials solutions suite that includes Suspicious Activity Monitoring (SAM), CDD/KYC, and Watch List Filtering. It will enhance its corporate security investigation processes with ActOne Case Management to meet AML regulatory requirements, such as reporting of suspicious transactions to The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) via STR forms.

“Our team at Vancity is excited to update its anti-money laundering platform,” said Nez Aquino, Chief Risk Officer, Vancouver City Savings Credit Union. “We are confident that NICE Actimize’s depth of experience and technology leadership will bring us the efficiencies we need to address both regulatory and operational requirements.”