The solution will enable banks to conduct KYC risk assessments of their financial counterparties within a single application. Accuity has brought together two of its 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.
Bankers Almanac Enhanced Due Diligence helps banks meet ever-increasing regulatory expectations, while improving operational efficiency and minimising the mounting cost of compliance. It automates the risk identification process. The solution connects the Bankers Almanac data set 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 by screening entities against the full breadth of financial crime data.
The solution uses API technology to integrate functionality from both solutions within one platform and generates a detailed automated risk report based on the screening results, according to the official press release.
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