Accuity, a provider of risk and compliance, payments and KYC solutions has been selected by First Abu Dhabi Bank (FAB) to provide integrated global sanctions screening and data.
The UAE bank said it is going to use Accuity’s Fircosoft data and technology solutions to strengthen its transaction, customer and third-party screening processes. The Fircosoft portfolio provides versatile resources that help control risk, increase efficiency and meet regulatory requirements.
FAB’s decision to implement Fircosoft has been driven by the relentless expansion of international regulation to combat financial crime and prevent the funding of terrorism; technology and regulatory-based disruption; and customer demand for faster processing of payments.
Arif Shaikh, group chief risk officer at FAB, said: “As the largest bank in the country, and a leading bank worldwide, it is essential for us to ensure that we have robust measures in place to maintain the level of trust we have with our customers, stakeholders and the wider community.”
“The Fircosoft solution from Accuity provides us with a robust platform to ensure financial crime compliance is not only managed efficiently, but that it makes FAB stronger, today and in the future. We can continue to help our customers; shareholders, employees and communities grow, with added confidence that we have a best in class screening solution to support our efforts in managing financial crime compliance.”
Headquartered in Evanston, Illinois, Accuity aims to protect the invaluable reputations of payments and compliance professionals with a portfolio of RegTech solutions. Its risk and compliance portfolio includes financial crime compliance screening solutions from Fircosoft, as well as financial counterparty KYC data and tools from its Bankers Almanac for Risk and Compliance.
Through its financial counterparty KYC solutions, users can assess their risk with data and proof documentation, streamline the collection of KYC data, and protect their organisation in the event of an audit with an automatically documented audit trail. Its also enables the user to maintain a holistic view of their counterparty using accurate intelligence that’s updated regularly to ensure the quality of the risk assessment.
Accuity also provides solutions for US Securities Industry Compliance through NRS, which provides the technology, education, and consultation services to enable users to efficiently meet their responsibilities while lowering costs and maximising productivity.
The company provides data to over 15,000 customers in 165 countries, including 94 of the 100 largest banks globally. Fircosoft is Accuity’s compliance screening brand and provides solutions and services to over 800 customers in 85 countries, including nine of the world’s largest ten financial institutions.
Earlier this year, payments solution company Lemon Way has chosen Accurity to streamline its financial crime compliance process. The French FinTech said it will implement Firco Compliance Link, which will enable the business to streamline its financial crime compliance screening, improving transparency, auditability and efficiency during the onboarding of new customers.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
