Accuity has announced the availability of Bankers Almanac Enhanced Due Diligence.
The solution will enable banks to conduct efficient and effective 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.
Dalbir Sahota, VP Bankers Almanac KYC, commented:
“Many of our clients across the globe want to make their financial counterparty KYC risk assessments more efficient and effective, and aspire to keep pace with the standards of the world’s largest banks. We have created Bankers Almanac Enhanced Due Diligence to give all banks access to a KYC solution that provides both automation and auditability in risk-based decision making, without the substantial investment of building and maintaining a complex in-house solution. The platform is ready to go straight ‘out-of-the-box’ and will help our clients keep up with international best practices, while maintaining trusted relationships with their correspondent banking partners.”
