Accuity, the global provider of financial crime screening, payment services and KYC solutions, has grown its offering with the availability of Bankers Almanac Enhanced Due Diligence.
The new solution seeks to enable banks to conduct efficient and effective KYC risk assessments of their financial counterparties within a single application.
It unites two of Accuity’s solutions, Bankers Almanac: Counterparty KYC and Firco Compliance Link, to create an ‘out-of-the-box’ SaaS platform that automates the enhanced due diligence (EDD) reports and audit trails required to meet regulatory guidance.
Dalbir Sahota, VP Bankers Almanac KYC, commented “Many of our clients across the globe want to make their financial counterparty KYC risk assessments more efficient and effective, and aspire to keep pace with the standards of the world’s largest banks.
“We have created Bankers Almanac Enhanced Due Diligence to give all banks access to a KYC solution that provides both automation and auditability in risk-based decision making, without the substantial investment of building and maintaining a complex in-house solution.
“The platform is ready to go straight ‘out-of-the-box’ and will help our clients keep up with international best practices while maintaining trusted relationships with their correspondent banking partners.”
When forming new correspondent banking relationships or reviewing existing partnerships, banks are required to perform due diligence, including sanctions, politically exposed persons (PEP) and adverse media screening, to create a risk profile for each financial counterparty.
This is often an arduous task, requiring KYC analysts to access multiple systems, source information manually from correspondent banks, and conduct screening, before compiling the final assessment report. This process is repeated at regular intervals to ensure the risk assessment remains up to date.
Expert Analysis: Utilising extensive data of more than 200,000 global financial institutions, including names, addresses, and ownership information, with Firco Compliance Link, which assesses sanctions and money laundering risk, the solution can be pivotal in enhancing KYC capabilities.