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Accuity to boost screening matches during KYC with AI

Thursday 18 April 2019 07:48 CET | News

Accuity has announced its AI-driven account screening capability, which boosts the accuracy in detecting and evaluating screening matches during the KYC process.

The ‘Firco Automated Alert Reduction’ has also been optimised to integrate with WorldCompliance data to expand its visibility into sanctions, politically exposed person (PEP) and adverse media lists, in support of compliance requirements.

The solution applies AI techniques to potential matches produced by a financial crime screening system. Its patented scoring methodology calculates the probability that a match is correct and evaluates how material the risk is to the business. The most relevant hits are flagged for immediate attention, based on the organisation’s individual risk appetite and compliance policy. Results are fed back into the screening cycle continuously, allowing the statistical model to adapt and become more intelligent as it gathers information.

The launch of Firco Automated Alert Reduction is a result of the acquisition of Safe Banking Systems (SBS) by Accuity in July 2018. It is now available to financial institutions and designated non-financial businesses and professions (DNFBPs) globally.


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Keywords: Accuity, KYC, compliance, financial crime
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Countries: World