Actimize, a provider of transactional risk management software for the financial services industry and NICE Systems, have announced that Renaissance Capital, an investment bank, has fully implemented its Anti-Money Laundering (AML) and market abuse solutions to comply with strict FSA and Russian regulations.
The company said that the AML solution addresses requirements such as those defined in the Third Money-Laundering Directive, from account opening, watch list filtering and activity monitoring, to case management, oversight and reporting. The Market Abuse solution monitors and detects different issues from potential market manipulation, and insider dealings to other market abuse issues and automatically generates alerts. It addes that the system uses several analytical methods to assign priority scores to alerts, thus improving the efficiency of regulators, trading managers and compliance staff.
Alexey Klepikov, Project Manager at Renaissance Capital, said: Our business processes and trading schemes are different from those of typical banks and can present challenges when tracking suspicious activities. Working on a single risk platform makes it easy for our compliance staff to track and monitor alerts. We needed to implement a rigorous Market Abuse solution to keep us in compliance with the newly introduced Russian requirements. Actimize’s single platform makes this relatively simple to deploy and provides us with the insight and knowledge that we require.”
