Accenture helps financial institutions combat financial crime via new offering

Accenture has unveiled a compliance-as-a-service offering to help financial institutions, fintech, and technology companies combat financial crime.

Another aim of this offering is to help businesses comply with related regulations. Accenture’s compliance-as-a-service (CaaS) offering offers an end-to-end capability that leverages SynOps in a bit to help financial institutions manage the scope and complexity of the regulatory and compliance environment. SynOps is the company’s human-machine operating ‘engine’ that synergises data, applied intelligence, digital technologies, and exceptional talent.

The CaaS offering is designed to serve the compliance departments of banks, insurers, capital markets and other organisations. Its comprehensive managed services that are delivered include:

• KYC: Tools and capabilities that help businesses verify the identity of clients and assess their suitability and the potential risk of illegal intentions in a business relationship;
• AML: Intensive measures to enable low- and high-risk customers to comply with AML regulations, such as transaction monitoring and alert management;
• Compliance and controls testing, combined with governance, analytics, and continuous reporting;
• Contract lifecycle management, facilitated by transformational technologies, process, and data strategies for London Interbank Offered Rate (LIBOR) contracts;
• Privacy data management, to ensure data practices keep pace with changing privacy regulations.