Accuity Releases Bankers Almanac Enhanced Owing Diligence to Automate Risk Assessments for Monetary Counterparty KYC

LONDON–(Business enterprise WIRE)–Accuity, the major global supplier of money crime screening, payment services, and know your consumer (KYC) options, has introduced the availability of Bankers Almanac Enhanced Because of Diligence, a new solution that will empower financial institutions to carry out successful and helpful KYC possibility assessments of their monetary counterparties within a solitary software. Accuity has brought jointly two of its solutions, Bankers Almanac: Counterparty KYC and Firco Compliance Hyperlink, to build an ‘out-of-the-box’ SaaS platform that automates the increased because of diligence (EDD) reviews and audit trails demanded to fulfill regulatory steering.

Bankers Almanac Improved Thanks Diligence can help financial institutions fulfill at any time-rising regulatory expectations, when strengthening operational effectiveness and minimising the mounting price of compliance. It addresses these problems by:

  • Delivering comprehensive documentation of the chance identification method for better transparency, which include an electronic audit trail of all steps taken
  • Automating the economic counterparty KYC and economic crime screening processes in a solitary interface
  • Bringing down the overall charge of possession (TCO) of the KYC process by streamlining programs and lessening manual responsibilities.

Regulatory stress on the monetary solutions industry carries on to construct. The FinCEN Information – a leak of 1000’s of Suspicious Action Reviews in 2020 – was a stark reminder of the part fiscal establishments maintain as gatekeepers of the economic program and prompt financial institutions have to go even further to report fiscal criminal offense threats far more efficiently. Having said that, the burden of compliance on a bank’s assets remains a sticking point 76% of economical institutions obtain onerous procedures a obstacle when conducting KYC, according to conclusions from the Accuity KYC study.

When forming new correspondent banking associations or reviewing present partnerships, banking institutions are demanded to conduct owing diligence, which includes sanctions, politically uncovered individuals (PEP) and adverse media screening, to build a risk profile for just about every money counterparty. This is typically a really laborious endeavor, requiring KYC analysts to accessibility various methods, supply information and facts manually from correspondent banking institutions, and conduct screening, just before compiling the remaining assessment report. This method is repeated at common intervals to ensure the risk assessment continues to be up to day.

Bankers Almanac Increased Thanks Diligence automates the threat identification procedure. The resolution connects the extensive Bankers Almanac details established of far more than 200,000 world economical establishments, which includes names, addresses, and ownership information, with Firco Compliance Backlink, which assesses sanctions and income laundering threat by screening entities versus the complete breadth of money crime knowledge. The solution makes use of API technological innovation to combine features from both equally remedies in just a single platform and generates a detailed automatic chance report primarily based on the screening final results.

Dalbir Sahota, VP Bankers Almanac KYC, commented “Many of our consumers across the globe want to make their financial counterparty KYC risk assessments additional efficient and efficient, and aspire to preserve tempo with the specifications of the world’s major banking institutions. We have designed Bankers Almanac Enhanced Thanks Diligence to give all banking companies access to a KYC solution that delivers both of those automation and auditability in risk-based choice making, with no the considerable financial commitment of building and sustaining a complex in-property option. The platform is all set to go straight ‘out-of-the-box’ and will help our clients retain up with international ideal practices, even though keeping reliable relationships with their correspondent banking companions.”

Bankers Almanac Increased Thanks Diligence is available from Accuity now. Demonstrations of the option are obtainable on request.


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About Accuity

Accuity powers compliant and assured consumer transactions to enable build an interconnected and dependable monetary ecosystem. Our fiscal criminal offense screening, payment companies, and benefits compliance alternatives help empower financial inclusion while pinpointing legal exercise and fraudulent players. With deep experience and industry-primary details and analytics answers from the Firco and Bankers Almanac makes, Accuity presents unmatched self-assurance, performance and compliance for prospects close to the entire world. Component of RELX, a world-wide provider of information and facts and analytics for expert and enterprise consumers, Accuity has been providing methods to banks and corporations around the globe for 180 several years.