A top Japanese bank was lacking the ability to assess the risks associated with the ultimate originators and beneficiaries of the wire transactions that it processed and cleared. Unlike its regular customers, these entities were not being reviewed through any Know-Your-Customer (KYC) processes or any of the Customer Identification Programs (CIP). Further complicating matters of identifying these entities and ascertaining relevant information was the lack of standardized referential data and distinct identifiers.
A U.S. government agency that regulates financial markets acquired Actimize’s off-the-shelf solutions for surveillance of trading activities. The Regulator has several exchanges within its jurisdiction.
A top U.S. bank was receiving an unmanageable amount of alerts with various degrees of quality from its real-time fraud monitoring system. Data quality issues were difficult to detect and long data processing times were hindering the ability to effectively monitor fraud in real-time, exposing the bank to increased risks from fraudulent activities.
