Bigbank AS, one of Estonia’s largest banks, has selected Accuity to streamline its account and payments screening processes and help better identify financial crime risk, highlight potential sanctions breaches and flag potentially high-risk customers and politically exposed people (PEP).
Against the backdrop of increased payment security requirements, such as closer monitoring and compliance with constantly changing sanctions and embargo lists, banks are now faced with new challenges. Businesses need to include additional security measures in their workflows in order to avoid making illegal transactions which could lead to frozen payments, large fines and reputational damage.
By implementing industry leading financial crime compliance data and technology from Accuity, Bigbank AS is able to provide significantly more robust customer screening, strengthening the existing know your customer measures that are in place across the business. Bigbank AS will be using an Accuity financial crime screening solution, Firco Compliance Link, that provides intelligent automated account and transaction screening with consolidated reviews and a full audit trail. Bigbank AS are now regulator ready and can provide high-level transparency and analytical insights, whilst at the same time reducing manual processes and improving their customers’ experience.
Tom Golding, Accuity EVP, Risk and Compliance, Product and Strategy, commented: “International regulations continue to focus on combatting financial crime and preventing the funding of terrorism through increased compliance requirements that banks now have to adhere to. At the same time, customers are demanding faster payments, meaning banks now have a real need for speed. It’s great to see Bigbank improving its customers’ experience, whilst at the same time, protecting the bank from facilitating financial crime.”
Alar Kondratjev, Bigbank AS Head of Operations Security and Control Unit, commented: “Our customers remain central to everything we do. It is important that we are constantly improving our processes to enhance our customers’ experience. Firco Compliance Link helps to further support the digitalisation and automation of our bank processes.”