Accuity boosts screening and alert management platform with new functionalities

Tuesday 1 October 2019 10:06 CET | News

Accuity, a financial crime compliance provider, has announced new functionalities to its account screening and alert management platform, Firco Screening Insight – for accounts.

These include new data offerings, improved list management capabilities, and integration with third-party case management solutions, aiming to lower false positives and deliver prioritised alert results. The new platform applies AI techniques to identify true matches and ranks alerts by severity, providing a detailed view of the greatest alert risks so compliance departments can assign its resources to the alerts that should really be investigated, in alignment to the bank’s risk appetite.

According to a study from Accuity and Chartis Research, 66% of financial institutions face significant challenges of achieving low false positive rates, according to the official press release. Additionally, keeping up with changing sanctions lists continues to be a challenge for organisations. Over the last five years, the number of entities sanctioned by the US Office of Foreign Assets Control (OFAC) increased by 37% to 8,755.

Accuity, which collects, validates, and enhances watchlists from all major sanctioning bodies, law enforcement agencies, and financial regulators worldwide, allows organisations to receive automatic updates through Firco Screening Insight – for accounts so continuous screening can be done through the entire client lifecycle process as sanctions change.

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Keywords: Accuity, financial crime, KYC, risk, compliance, risk management, banks, false positive, sanction lists, AI
Countries: World