NICE Actimize’s AI-Infused Transaction Monitoring Solution to Transform China’s SPD Silicon Valley Bank AML Operations

SPD Silicon Valley Bank Will Implement NICE Actimize’s Next-Generation Suspicious Activity Monitoring Solution to Detect Complex Financial Crimes While Increasing Productivity

Leading the industry with AI-based solutions designed to streamline anti-money laundering operations for global financial institutions, NICE Actimize, a NICE business and the leader in Autonomous Financial Crime Management, was selected by China-based SPD Silicon Valley Bank (SSVB) to update its anti-money laundering strategy with next generation AI-infused transaction monitoring protections. Adopting NICE Actimize’s latest Suspicious Activity Monitoring solution (SAM 9), the update will introduce NICE Actimize’s innovative concept of Autonomous Financial Crime Management to the financial institution’s anti-money laundering compliance efforts.

NICE Actimize’s AI-Infused Transaction Monitoring Solution to Transform China’s SPD Silicon Valley Bank AML Operations.

China-based partner Sunlight China is currently supporting implementation efforts.

NICE Actimize’s latest version of its SAM solution, which will be used in the implementation, combines machine learning analytics for laser-accurate AML detection with robotic process automation, lowering false positives and virtually eliminating the manual search for supporting data and other manual tasks, increasing team productivity, and reducing investigation time overall by up to 70 percent. Leveraging NICE Actimize’s experience in advanced analytics and transaction monitoring solutions, the new SAM solution utilizes automation to reduce human effort and error, and to detect and report sophisticated crime schemes.

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Bradley Gao, Chief Operations Officer, SPD Silicon Valley Bank
“SSVB initiated a rigorous, competitive search for a solutions partner to update its anti-money laundering strategy, and our team continued to be impressed with the innovation, professional support, and deep experience that global industry leader NICE Actimize brought to our institution. Our mission at SPD Silicon Valley Bank is to lead China in technological advancements while offering superior customer service, and we look forward to working with NICE Actimize as we work to further modernize our institution’s approach to fighting financial crime.”

Craig Costigan. CEO, NICE Actimize
“Demonstrating our commitment to the entire Asia-Pacific community, we are most proud of our ongoing relationship with SPD Silicon Valley Bank, and our future successes as we further focus on China and the region at large. We know that our years of experience in anti-money laundering contribute strongly to the confidence the financial institution has placed in us as we work to continue to strengthen its anti-money laundering operations with advanced analytics and AI technologies.”

NICE Actimize provides a unique analytics approach for compliance teams with its SAM solution. The approach combines out-of-the-box, expert red-flags with machine-learning optimizations to dramatically reduce false positives. Machine-learning is applied to provide intelligent segmentation, and to improve anomaly detection, thereby increasing the system’s ability to identify known and unknown money-laundering risk scenarios. Additionally, machine-learning and intelligent automation is also used to prioritize alerts and reduce overall investigation times.

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For more information on NICE Actimize’s AML suite:

  • On NICE Actimize’s Suspicious Activity Monitoring (SAM 9) solution.
  • On NICE Actimize Autonomous Financial Crime Management (AFCM).

SPD Silicon Valley Bank (SSVB)

Headquartered in Shanghai, China, SPD Silicon Valley Bank (SSVB) is a joint venture between Shanghai Pudong Development Bank Co., Ltd. and Silicon Valley Bank. SSVB is the first technology and innovation bank in China serving as an independent legal entity. It is also the first Sino-US joint venture bank. SSVB’s mission is to “increase our clients’ probability of success” by providing unique financial products and services to the technology and innovation industry and redefining the banking experience for innovation companies of all sizes. SSVB aims to create the “Innovation Ecosystem” and strives to be the most sought-after bank for China’s innovation economy. Target clients include those in the hardware, software, Internet, mobile, consumer technology, life science, biotechnology and clean-tech sectors.

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