Accuity’s President and CEO, Hugh Jones IV, discusses why an integrated solution combining Accuity’s market-leading data with FircoSoft’s screening technology, was selected by Standard Chartered Bank.
As banks continue to address the need for effective sanctions screening processes to guard against growing risks, Accuity and FircoSoft have joined forces to provide the most comprehensive integrated solution, comprising of Accuity’s market-leading data and FircoSoft’s best-in-class account and transaction screening platform.
We have done this to continue adding value for our customers – by speeding up the end-to-end process, from regulator list updates to screening transactions. Together, Accuity and FircoSoft’s systems can identify changes in any of the world’s watch lists and prepare our clients’ screening processes for those changes within a matter of hours.
This could not have come at a better time, as the global sanctions landscape has become more volatile and complex. The impact of a range of recent events – including increased scrutiny around terrorist financing and the opening-up of previously closed markets such as Cuba and Myanmar – is being felt by financial institutions worldwide. Indeed, the move from country-wide sanctions, to targeted sanctions on individuals and certain regions, for example, has created a complicated environment which businesses must be careful to navigate.
It is imperative, now more than ever before, for businesses to implement the right solution to help them to adhere to this more complex world. Organisations such as OFAC are continually mandating new guidance on transactions with sanctioned entities, and the picture they paint is not clear-cut.
Furthermore, the difference in scope between regulators in Europe, the US and Asia-Pacific also means that sanctions screening needs to be one step ahead and that the screening tools need to be comprehensive, agile and robust. They also need to be smart, allowing users to constantly improve their own screening programs. When you look at recent developments and changes to sanctions in Russia and Iran, financial institutions are presented with a plethora of grey areas, and they need to be careful not to get tripped up. There is now real pressure for banks to find efficiencies in how they screen against sanctions, while simultaneously tackling the complexities that this new world presents.
The recent news that our integrated solution has been selected by Standard Chartered Bank to meet their objectives and increase efficiency is testament to the unparalleled quality of the combined products, and the hard work and determination of the team that has worked tirelessly to bring this to market.
As we work with Standard Chartered and continue to develop our integrated data and software solution, we are on hand to help more financial institutions come to terms with the uncertain world they seek to do business in, and to help them understand, manage and act upon their risk exposure.
— Hugh Jones IV, President & CEO, Accuity —