Circle announces its partnership with NICE Actimize to make financial tool to monitor financial crimes
Circle, a US-based leading global crypto finance company has decided to partner with NICE Actimize, a financial crime detection, and prevention company from New York to curb market manipulation. The company recently released a press release, announcing its partnership with Israeli software firm Nice Actimize. Nice is a software firm which has expertise in creating financial tools to help its clients in monitoring financial crimes, and risk & compliance management. Its offerings include machine-led detection, decisions and self-learning capabilities which can transform and scale to meet the needs of crypto-related operations.
Regulation of fraudulent schemes
The Goldman Sachs backed firm Circle has decided to partner with Nice Actimize, since it believes that there is a need for regulation in the current ecosystem of the crypto market. Also, Circle’s $3 billion in monthly trading has to be protected from fraudulent schemes such as pump n’ dump, layering and insider trading. Furthermore, The Nice Actimize Market Surveillance Solution (NMS) allows firms to quickly and cost effectively sense sophisticated forms of market manipulation which are all significant threats to crypto trading. Additionally, Nice Actimize’s surveillance products will be able to distinguish dubious patterns in real time and obtain law enforcement. Additionally, NICE Actimize MS’s configurable rules engines decrease false positives and costs by enabling firms to tailor alert thresholds to their customers’ trading activity.
Surveillance systems utilized by MS Nice Markets Surveillance (MS) Solution
The MS solution offers an inclusive package of surveillance models that enables global regulatory compliance across products and markets. The solution’s proven analytic capabilities offer fully automated surveillance, end-to-end workflow management, investigation, audit, and reporting/dashboard capabilities. Besides these surveillance models, the MS solution also utilizes ActOne, the market’s first AI-enabled financial crime investigation management platform that serves as the next generation alert and case management platform.
Statement from CEO of NICE Actimize
Craig Costigan, CEO of NICE Actimize. “As we lead the digital financial services industry with breakthroughs in artificial intelligence and advanced analytics, NICE Actimize will continue to innovate on behalf of the newest financial product categories, including cryptocurrencies, digital wallets, and more.”
Statement from Chief Compliance Officer and Head- Regulatory Counsel of Circle
Robert Bench, Chief Compliance Officer and the Head of the Regulatory Counsel of Circle said, “As a leading crypto finance company, it was important that we work with a leading financial crime solutions provider like NICE Actimize which provides industry-leading solutions for the rapidly changing financial crime, risk and compliance landscape.” Further, he added, “Circle has adopted a strong position on policy and crypto-related regulatory issues that focus on the safety of our customers and investors. Adapting innovative technology solutions, such as the financial markets compliance solutions from NICE Actimize, to meeting the potential needs of regulators and protecting our assets brings this full commitment circle.”
