Accuity, the leading provider of global payment routing data, Anti-Money Laundering (AML) screening software, and services, has introduced a Translation Module for Compliance Link, its modular, enterprise-wide interdiction screening solution.
The module enables companies to manage entity records in multiple languages and character sets within their AML, Counter-Terrorism Financing (CTF) and Know Your Customer (KYC) processes.
Compliance Link's Translation Module streamlines the screening process for institutions whose vendor, customer and other records are maintained in languages that use non-Roman characters. This module converts records into their Roman-character equivalents so that they can be accurately screened against sanctions and enhanced due diligence lists which are in Roman characters such as OFAC's SDN list, the EU List, the World Bank Debarred List and many others. The Translation Module is available for a number of languages in other character sets including Chinese, Japanese, Cyrillic, Arabic, Greek and more.
"Accuity has a well-established history of supplying the market with innovative solutions for AML compliance," said Hugh Jones, Accuity's President and CEO. "The Translation Module is another example of technology that will afford our users greater visibility and clarity into their due diligence and sanctions processes and enable compliance with national and international regulations."
Used by more than 1,400 clients worldwide, Accuity's Compliance Link allows organizations to consolidate their screening and match review processes by providing a single, scalable, multi-functional solution. It combines the benefits of the screening filters that Accuity customers have come to rely on since 1994 with features and functionality essential to today's compliance requirements. In addition to the Translation Module, Compliance Link's modules include:
• Case Management - a central repository for distributing potential hits for review by different departments or users in an organization
• Parser - enables screening of various payment message types including SWIFT MT, International ACH Transaction (IAT) and Fedwire
• Web Service - enables seamless integration with outside systems and accepts third-party application calls to reduce the burden of entering information multiple times
• Filter - incorporates Global WatchList® caution lists, Accuity's American Bankers Association-endorsed screening engine and fully-configurable Rules capabilities, to help reduce false positives and their associated costs and operational inefficiencies
• Private File Creator - allows screening against custom-created lists of entities already identified as high-risk based on an organization's parameters