NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) transactional risk management software developer Actimize said that emerging markets investment bank Renaissance Capital has implemented its anti-money laundering (AML) and market abuse systems.
Renaissance Capital was founded as a Moscow-based investment bank. It has expanded to specialize in emerging markets, with a presence in Sub-Saharan Africa, the Middle East, Russia and the CIS (Commonwealth of Independent States).
Renaissance Capital Project Manager Alexey Klepikov said, "Our business processes and trading schemes are different from those of typical banks and can present challenges when tracking suspicious activities." However, the firm was able to set up the Actimize system, and according to Klepikov, "If there is a compliance issue we definitely know about it."
Klepikov added, "We needed to implement a rigorous market abuse solution to keep us in compliance with the newly introduced Russian requirements."
Actimize's AML solution deals with issues such as account opening, watch list filtering and activity monitoring, case management, oversight, and reporting.
Actimize has offices in New York, Israel, London and Tokyo.
Shares in Nice closed yesterday at $23.07, giving a market cap of $1.41 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2009
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