Dime Community Bank Partners with Quantifind to Enhance Payment Sanctions Screening

Dime Community Bank Collaborates with Quantifind for Enhanced Sanctions Screening

In a significant move to improve its financial compliance capabilities, Dime Community Bancshares, Inc., the parent company of Dime Community Bank, has announced its partnership with Quantifind. This collaboration is set to elevate the bank's sanctions screening processes related to payments through the deployment of Quantifind's advanced AI-powered risk intelligence solutions.

Addressing Regulatory Challenges

As a financially dynamic institution based in Hauppauge, New York, Dime Community Bank has over $14 billion in assets, making it a leader among community banks in the Greater Long Island region. With stricter regulatory environments and increasingly complex global financial transactions, the bank recognized the urgency to refine its compliance programs. This new partnership aims to develop a more accurate and scalable approach to sanctions screening, ultimately protecting the bank's clients and community interests.

Michael Fegan, the Chief Technology Officer at Dime Community Bank, expressed enthusiasm regarding this strategic alliance, noting, "Our partnership with Quantifind represents a significant advancement in our compliance capabilities. Quantifind’s AI-driven platform equips us to protect our customers and communities while maintaining the highest standards of regulatory compliance." This statement emphasizes the bank's commitment to operational excellence while adhering to evolving compliance demands.

A New Era of Financial Crime Detection

Quantifind's technology stands out for its ability to integrate internal data with external unstructured information, providing real-time risk assessments. This capability enhances Dime's existing infrastructures without disrupting current workflows, ensuring a smooth transition into a heightened state of compliance.

Graham Bailey, the COO of Quantifind, highlighted the importance of their collaboration, stating, "We’re proud to partner with Dime Community Bank and extend our support to mid-market banks that are critical to the financial ecosystem. Quantifind’s solutions empower banks of all sizes to tackle financial crime with unparalleled speed, accuracy, and scalability." The commitment to serving community and mid-market banks reflects a broader focus within the financial technology landscape, seeking to eradicate financial crime through innovation.

Long-standing Legacy and Community Focus

Founded in 1864, Dime Community Bank has prided itself on serving its community. With over 60 branches across New York's metropolitan areas, including the five boroughs, Long Island, and Westchester County, Dime offers a comprehensive suite of financial products tailored to individuals and businesses alike. Their proactive approach towards adopting advanced technologies, such as those provided by Quantifind, highlights their intention to stay at the forefront of financial security and customer trust.

As the landscape of financial regulations continues to shift, partnerships like these are essential for ensuring that community banks can effectively manage risks while remaining agile in their operations. The integration of AI-led solutions will not only fortify Dime's compliance measures but will also serve as a model for industry peers seeking to enhance their own frameworks against financial crime.

In conclusion, the collaboration between Dime Community Bank and Quantifind marks a pivotal step forward in the bank's journey towards achieving excellence in compliance and risk management. This initiative sets the stage for a future where technology and community banking work hand-in-hand to create a safer financial environment for all users.