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NICE Actimize Drives AML Cloud Transformation for Vancity, One of Canada’s Largest Community Credit Unions

NICE Actimize’s Aml Essentials With Actone Case Management Will Allow Vancity to More Efficiently Fight Financial Crime, Contain Costs and Comply With Canadian Regulations

NICE Actimize, a NICE business, has been selected by Vancouver City Savings Credit Union (Vancity), a member-owned financial co-operative headquartered in British Columbia, Canada, to drive and implement its modernized, cloud-based anti-money laundering operation. The financial cooperative’s objective is to significantly improve its investigators’ efficiency, allowing them to fight financial crime more effectively while simultaneously containing costs and complying with Canadian regulations. With $28.2 billion in assets under administration, Vancity is English-speaking Canada’s largest community credit union.

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Vancity is significantly updating its operational investments by leveraging several NICE Actimize solution areas. In anti-money laundering, 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. Actimize AML Essentials, a cloud-based offering built upon NICE Actimize’s proven, end-to-end anti-money laundering platform, addresses the challenges of regional and community financial institutions. Using the same power and experience as NICE Actimize’s enterprise solutions, AML Essentials offers rapid deployment and reduces overhead to make compliance easier and at a lower total cost of ownership.

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In addition, Vancity 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. NICE Actimize’s ActOne transforms financial crime investigations by introducing intelligent automation and visual storytelling for speed and accuracy.

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“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.”

“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.”

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