Accuity, the leading provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, announced new enhancements to its account screening and alert management platform, Firco Screening Insight – for accounts, including new data offerings, improved list management capabilities, and integration with third-party case management solutions.
These additions will help create better operational efficiencies by lowering false positives and delivering highly accurate and prioritised alert results, while making it easier to keep up with the latest regulations and watchlists.
Firco Screening Insight - for accounts (formerly SBS SAFE Advanced Solutions Visual Intelligence Platform), is the newest addition to the financial crime screening portfolio of solutions from Accuity. It complements and improves current filtering platforms by applying its AI techniques to identify true matches and reduce the abundance of false positives.
According to a study from Accuity and Chartis Research, 66% of financial institutions face the significant challenge of achieving low false positive rates, putting unnecessary burden on their compliance departments and creating ineffective financial crime screening processes.
Firco Screening Insight - for accounts analyses incredibly large volumes of customers and counterparties and scores them by match probability. It also 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.
Sophie Lagouanelle, VP financial crime screening at Accuity, said “Financial institutions are struggling with increased regulatory scrutiny; an unsustainable volume of alerts, especially as domestic PEP screening increases; and, constrained resources. The new enhancements to Firco Screening Insight - for accounts further helps compliance departments uncover non-obvious relationships and flag anomalies to significantly improve the accuracy of alert matches and lower false positives. By also securely hosting this solution in the cloud, Accuity is helping its clients reduce total cost of ownership of the screening process.”
Firco Screening Insight - for accounts provides customers with the following new capabilities:
Firco Screening Insights - for accounts provides integration with WorldCompliance™ data and allows organisations to centralise all watchlists for expanded visibility into: sanctions, politically exposed persons (PEP), and reputationally exposed persons (REP), in support of compliance requirements. With the ability to manage all these disparate lists in one location, Firco Screening Insight - for accounts uses its AI techniques to uncover unexpected links across these large databases to improve match probability and detection accuracy.
Additionally, keeping up with ever-changing sanctions lists continues to be a challenge for organizations. Over the last five years, the number of entities sanctioned by the U.S. 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 organizations 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.
Third-party Case Management
Through the new Alert Reduction API, Firco Screening Insight - for accounts provides integration with third-party case management, including the addition of Oracle Financial Services Enterprise Case Management. This allows organisations to manage complex workflows using the alert investigation capabilities and helps prioritise alerts by risk severity to speed account resolution. Alert audit trails can be created automatically, and reports can be generated on demand to meet regulatory scrutiny.
Enhanced Private List Management
Most financial institutions maintain their own internal lists of counterparties who pose significant risks to ensure they are flagged across all lines of their business. However, maintaining these lists can be cumbersome and unreliable. Firco Screening Insight - for accounts easily manages these lists and ensures they are relevant and seamlessly integrated to help speed the account screening process against new and existing accounts and counterparties.
Firco Screening Insights - for accounts is available now as a cloud solution.