NICE Actimize’s AML Essentials addresses key FINTRAC guidelines
NICE Actimize, a NICE business, and its cloud and AI-based AML Essentials solutions, has been chosen by the fintech company KOHO Financial, Inc., a Toronto-based provider of online financial services, to support its innovative digital platform and further accelerate its growth in the market. Utilizing NICE Actimize’s AML Essentials, KOHO will also address key guidelines as proposed by The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). KOHO has partnered with Peoples Trust Bank to offer customers a secure no-fee spending account, usable worldwide, featuring instant cashback, to simplify their personal finances.
“KOHO Financial has taken a forward-thinking approach to managing financial services, and we wanted a compliance partner who understood innovation in digital financial services initiatives”
KOHO will expand its financial crime operations with the NICE Actimize AML Essentials solutions including Suspicious Activity Monitoring (SAM) and CDD/KYC capabilities. Built upon NICE Actimize’s proven, end-to-end anti-money laundering platform, and leveraging the same power and experience as NICE Actimize’s enterprise solutions, AML Essentials provides rapid cloud deployment and reduces overhead to make compliance easier and at a lower total cost of ownership. KOHO will use Essentials Suspicious Activity Monitoring to monitor customer transactions, meet regulatory requirements and file reports, while relying on Essentials Customer Due Diligence for KYC/CDD and customer risk scoring, among many functions.
KOHO will also use NICE Actimize’s Essentials ActOne Extend risk case manager to ingest fraud alerts and automate financial crime investigations to improve the overall productivity of the investigation teams.
“KOHO Financial has taken a forward-thinking approach to managing financial services, and we wanted a compliance partner who understood innovation in digital financial services initiatives,” said Michael Fox, Vice President, Risk & Compliance, KOHO Financial, Inc. “With NICE Actimize’s legacy and experience in anti-money laundering and financial crime, it is clearly the preferred choice for KOHO to modernize its AML program.”
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“NICE Actimize’s cloud and AI-based capabilities will deliver exceptional performance in support of KOHO’s digital operation. As we continue to expand our presence in the Canadian banking and fintech space, NICE Actimize is proud to support KOHO’s anti-money laundering initiatives with our Essentials solutions, ensuring compliance and providing a foundation for growth,” said Craig Costigan, CEO, NICE Actimize.
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