Accuity, a provider of financial crime compliance, payments and KYC solutions, is set to enhance its Bankers Almanac Risk & Compliance portfolio.
The company announced a multi-year transformation programme to bolster the portfolio, which will help banks conduct faster and more accurate risk assessments for financial counterparties.
As part of the first stage of the transformation programme, Bankers Almanac Due Diligence Repository now supports the latest version of the Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ), which was revised to set a new enhanced industry standard in financial counterparty KYC.
This means that banks can now submit information via an online form, which intuitively structures and validates the flow of information directly into Bankers Almanac, enriching the profiles of financial institutions and laying the foundations for automated risk assessment.
Bankers Almanac for Counterparty KYC, an online tool providing intelligence on over 22,000 global financial institutions, will become more interactive, offering automated contextual insights into the risk of doing business with correspondent banks according to the company.
Accuity aims to make the solution more customisable by modernising and streamlining the user interface and proactively alerting users to risk-based changes.
It is incorporating the latest user experience (UX) design principles to give clients easy access to the risk insights they need.
Additionally, Accuity said it will offer an API option to enable financial institutions with large-scale KYC operations to integrate Bankers Almanac counterparty risk insights with their internal systems, providing a greater level of automation. This will help banks in their efforts to reduce the manual process of gathering KYC data, thereby leaving more time for analysts to focus on risk-based decision-making.
Dalbir Sahota, director, product management, Accuity, said: “As we help customers manoeuvre the complex regulatory landscape, we are actively transforming our technology to ensure our solutions meet the demands of the digital economy.
“Bankers Almanac continues to be trusted by clients worldwide because the accuracy of our data is unmatched in the industry. We are now harnessing that data in innovative ways to bring business-critical risk insights to users’ fingertips and reduce the manual processing burden, providing greater transparency and helping them mitigate risk in real time.”
The Bankers Almanac Risk & Compliance portfolio allows banks to improve operational efficiency while making better-informed decisions about their correspondent banking partners.
Additional modules are available, including the Bankers Almanac Due Diligence Repository, which contains over 600,000 completed KYC documents, Bankers Almanac Ultimate Beneficial Ownership, which demonstrates individual beneficial ownership of entities down to 0.1%, and Bankers Almanac Regulatory Views, which identifies institutions that may require additional investigation.
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