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Banco Espirito Santo Deploys Brokerage Compliance Market Abuse Solution From Actimize, NICE Systems

Helps in identifying and reporting suspicious transactions

Actimize and NICE Systems have announced that Portugal-based bank Banco Espirito Santo has deployed Actimize’s Brokerage Compliance Market Abuse solution to identify and report suspicious transactions. The first phase of the programme has been deployed and is expected to go live in the fourth quarter of this year.

Reportedly, Actimize’s Market Abuse solution enables large-to-mid-sized businesses to increase their insight into suspicious behaviour and improve risk and compliance performance. The solution helps firms comply with regulatory requirements from the Financial Services Authority, Autoriteit Finanicele Markten (AFM), Autorite des Marches Financiers (AMF), Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), Comissao do Mercado de Valores Mobiliarios (CMVM), La Comision Nacional del Mercado de Valores (CNMV), and other European regulators by monitoring and detecting suspicious transactions and automatically distributing alerts directly to relevant users within an intuitive case management work flow environment.

Additionally, the system uses several analytical methods to assign priority scores to alerts, thus improving the efficiency of regulators, trading managers and compliance staff. Actimize said that its solutions are all built on a single technological platform, which provides lower total cost of ownership (TCO) as compared to siloed solutions and gives firms the flexibility to incrementally add new solutions over time.

Bruno Piers de Raveschoot, vice president, Europe, Actimize, said: “Banco Espirito Santo’s selection of Actimize places it within an elite group of financial institutions using the latest generation of technology to combat Market Abuse and Employee Conflicts of Interest. In the current economic climate, banks are encouraged to remain vigilant and work closely with the regulators to reinforce regulation and maintain market confidence. Our solutions assist trading managers and compliance staff to achieve these goals while improving their efficiency by monitoring across a variety of market instruments and providing accurate, scored alerts within a highly flexibility investigative environment with built in workflow and logic.”

Actimize is a provider of transactional risk management software for the financial services industry.