Accuity Launches AI-Powered Financial Crime Compliance Screening to Detect and Prioritise Highest Risk Individuals


Firco Automated Alert Reduction increases the accuracy and relevance of matches, helping reduce manual review times and curb the escalating costs of compliance

Accuity, the leading provider of financial crime compliance, payments, and Know Your Customer (KYC) solutions, has announced its AI-driven account screening capability, ‘Firco Automated Alert Reduction’, which increases the level of accuracy in detecting and evaluating screening matches during the KYC process. It has also been optimised to integrate seamlessly with WorldCompliance™ data to expand its visibility into sanctions, politically exposed person (PEP) and adverse media lists, in support of compliance requirements.

This new module augments existing financial crime filters and alleviates a significant burden for organisations with large-scale compliance operations that rely heavily on human operators to review potential risks. Risks associated with customer accounts can include exposure to illicit financial activity, sanctioned entities, PEPs and reputationally exposed persons (REPs).

Existing matching technology compares customer data to the entities listed on regulatory watch lists, but until now, has not been sophisticated enough to eliminate the abundance of ‘false positive’ results produced, with the necessary level of accuracy. Manually assessing alerts to determine quality, potential risk, and whether further investigation is required, has been a significant drain on compliance resources and a contributor to the rising costs of compliance across the industry.

According to the recent Chartis Research Financial Crime Risk Management Systems: AML and Watchlist Monitoring report, “the success of an AML system is usually measured by the amount of time it saves and its reduction of false positives.”

Firco Automated Alert Reduction applies AI techniques to the hundreds of thousands of potential matches produced by a financial crime screening system. Its patented scoring methodology calculates the probability that a match is correct and evaluates how material the risk is to the business. The most relevant hits are flagged for immediate attention, based on the organisation’s individual risk appetite and compliance policy. Results are fed back into the screening cycle continuously, allowing the statistical model to adapt and become more intelligent as it gathers information.


Sophie Lagouanelle, Vice President of Financial Crime Screening at Accuity said, “Sifting through screening matches to detect the true risks can be like trying to find a needle in a haystack. Not only does our solution considerably reduce the size of that haystack to expose risks with unparalleled precision, but it also intelligently prioritises those risks according to the organisation’s compliance policy, so operators can be far more methodical in their approach to reviewing hits.”

Firco Automated Alert Reduction greatly improves the effectiveness of screening and provides significant efficiency gains to clients. It also records an electronic audit trail so screening results and the decision-making process can be shared easily with regulators. For instance, the NYDFS Part 504 rule means that for obliged entities, explainability is more important than ever. This regulation stipulates that financial institutions and payment service providers must be able to demonstrate their financial crime screening programme is fit for purpose, that they can control their software, and that the results of screening correspond to the organisation’s risk appetite.

The launch of Firco Automated Alert Reduction is a result of the acquisition of Safe Banking Systems (SBS) by Accuity in July 2018. It is now available to financial institutions and designated non-financial businesses and professions (DNFBPs) globally.

ENDS

For more information, please contact:

Imogen Nash, Accuity
imogen.nash@accuity.com
Tel: +44 (0)20 7911 1379

Francesca Bliss, Cognito
accuity@cognitomedia.com
Tel: +44 (0)20 7426 9419

Notes to editors:

About Accuity

Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.

Part of RELX Group, a global provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.

About Firco Automated Alert Reduction

You can find further information here.

About Chartis Research

Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. For more information visit www.chartis-research.com.

Media Contacts

For more information, please contact:

Imogen Nash, Accuity
imogen.nash@accuity.com
Tel: +44 (0)20 7911 1379

Francesca Bliss, Cognito
accuity@cognitomedia.com
Tel: +44 (0)20 7426 9419