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23 September 2020 - Accuity Insights

What the FinCEN Files Say about the State of Financial Crime Compliance

This week saw the International Consortium of Investigative Journalists (ICIJ) expose thousands of confidential documents, known as the FinCEN Files. Here, we provide some initial observations on what the leaked documents say about the current state of the global financial crime compliance landscape.
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21 September 2020 - Accuity Insights

What are Suspicious Activity Reports?

Suspicious Activity Reports (SARs) are confidential records of unusual financial activity detected by financial institutions as part of their financial crime compliance obligations. The Financial Crimes Enforcement Network (FinCEN) received more than 12 million SARs between 2011 and 2017 – and more than two million in 2019 alone.
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9 September 2020 - Accuity Insights

Correspondent Banking: Doing Low Risk Business in High Risk Geographies

Correspondent banking relationships are vital to not only the banking sector, but to economies as a whole. This vast network of bank relationships breeds financial inclusion, providing populations and businesses with access to banking services that they might otherwise struggle to find, and eases trading party relationships between nations.
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8 September 2020 - Accuity Insights

How to Improve Straight-Through Processing of Payments

In the digital age, there is increasing demand for fast, simple, error-free payments. Yet friction in the payments process often stands in the way of achieving the ease and speed consumers now expect. Organisations that set up, route and process payments must improve straight-through processing in order to keep up with their increasingly digital customer […]
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8 September 2020 - Accuity Insights

Fintech and Payments Trends During the Coronavirus Pandemic

The global pandemic has changed the way people manage their finances. This has given rise to a wave of rapid product innovation from financial service providers. Many of the trends will be fundamental and long-lasting. How the COVID-19 pandemic is impacting the payments space The payments space has been hit hard by the pandemic, with […]
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26 August 2020 - Accuity Insights

Three KYC Blind Spots to Avoid When Screening and Reviewing Counterparties

Financial Counterparty Know Your Customer (KYC) and Anti-Money Laundering (AML) screening continue to be vital components of proactive compliance and risk management. Yet the goal posts keep shifting as regulators constantly adjust their requirements for effective compliance and frequently publish updates to sanctions lists. In 2019 alone, Accuity recorded 242 changes to major sanctions lists […]
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26 August 2020 - Accuity Insights

Women’s Equality Day 2020: Bringing New Perspectives to the Table

Accuity employees across the globe are celebrating Women’s Equality Day by reflecting on the importance of advocacy and social support, and how we can all actively cultivate a supportive environment for women in the workplace.
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24 August 2020 - Accuity Insights

Combining Rich History with Innovation to Solve Contemporary KYC Needs

Vito Cinesi, Head of Correspondent Banking and Foreign Financial Institutions at Banca Monte dei Paschi di Siena – the world’s oldest bank – discusses how Bankers Almanac KYC has helped the institution to thrive.
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12 August 2020 - Accuity Insights

Escrow in Real Estate: A Honeypot for Money Launderers

The real estate industry is frequently used as a conduit for money laundering activities. Every year, around $1.6 trillion of dirty money moves through this market – equivalent to 3% of the world’s GDP. In this article, we explore an important element within this topic – escrow (or trust) accounts.
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Accuity Insights

Best of the Blogs: Summer 2020 Edition

We are taking a look back at our top five visited blogs for the first half of 2020*. Leading the way is our blog series on the emerging ISO 20022 payments standard
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