Circle implements market surveillance for crypto assets from NICE Actimize

NICE Actimize, the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators, today announced it was selected by Circle, a crypto payment company and owner of Poloniex Exchange, to implement its market surveillance and protection strategy.

Through the usage of NICE Actimize’s Cloud Markets Surveillance (MS) solution, Circle will augment key infrastructure to guard against market manipulation across its exchange and trading products which currently see more than $3 billion in monthly trading volume.

he NICE Actimize Markets Surveillance (MS) solution enables firms to quickly and cost-effectively detect sophisticated forms of market manipulation including pump and dump, layering and insider trading – all significant threats to crypto trading.

Also important, NICE Actimize MS’s configurable rules engines reduce false positives and costs by enabling firms to tailor alert thresholds to their customers’ trading activity.

[perfectpullquote align=”full” bordertop=”false” cite=”Robert Bench, Head Regulatory Counsel and Chief Compliance Officer, Circle” link=”” color=”” class=”” size=””]“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. Circle has adopted a strong position on policy and crypto-related regulatory issues that focuses 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 commitment full circle.”[/perfectpullquote]

Added Bench, “There are a number of markets surveillance vendors that address traditional asset classes, but we needed a partner that could adapt their traditional market expertise to the unique elements of the crypto market. NICE Actimize was chosen as the partner which could offer that adaptability.”

[perfectpullquote align=”full” bordertop=”false” cite=” Craig Costigan. CEO, NICE Actimize” link=”” color=”” class=”” size=””]“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. We recognize that Circle is a category leader committed to the highest standards of customer safeguards and are excited to be one of the industry’s first financial crime solutions providers to tackle the exciting new cryptocurrency category with secure and cost-effective protections.”[/perfectpullquote]

Leveraging NICE Actimize’s experience with OTC instruments, the MS solution provides a comprehensive package of surveillance models that enables global regulatory compliance across products and markets. The solution’s proven analytic capabilities offer fully automated surveillance and end-to-end workflow management, investigation, audit, and reporting/dashboard capabilities. 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.

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