Speaking today at GTR MENA, Accuity, the leading global provider of risk and compliance, payments and know your customer solutions, will discuss innovation in sanctions, KYC, AML and compliance for trade finance, particularly in the light of recent lifting of sanctions.
In Accuity’s view, the top five ways that banks can improve their sanctions compliance and AML processes for trade finance are:
- Ensure your screening process captures dual-use goods.
Banks need to be more vigilant about whether goods or raw materials can be used for military purposes
- Assess your KYC counterparty risks.
Bank risk profiles may change and conducting the appropriate due diligence is critical
- Ensure your compliance processes are consistent.
Regulators are keen to ensure that banks follow a comprehensive and repeatable process when it comes to screening trade transactions.
- Leverage the appropriate mix of technology and people.
Over-reliance on any component leads to inefficiencies in the process.
- Ensure you understand which regulatory bodies you must comply with.
There is a difference between global regulators as to which Iranian entities are no longer sanctioned which can create confusion.
Henry Balani, Head of Innovation at Accuity, said: “Today, corporates and financial institutions are struggling to cope with ever expanding compliance programs to satisfy all aspects of their AML policies. It is even more challenging with the emergence of this complex trade-based money laundering phenomenon. I look forward to attending this event and to moderating the panel that will address issues related to sanctions, KYC, AML and compliance and recent innovations to help combat compliance violation, fraud and money laundering in trade finance.”
Who: Henry Balani, Head of Innovation at Accuity
What: “How to achieve innovation in sanctions, KYC, AML and compliance”
When: Monday, 15th February, 2016 at 2:10pm
Where: Jumeirah Emirates Towers, Dubai
To find out more, visit the Accuity team at the GTR MENA Trade Finance Week 2016 on booth #34 or follow us on social media via @Accuitytweets or #Accuity or via LinkedIn.
About GTR MENA Trade Finance Week
GTR Mena Trade Finance Week returns to Dubai for its 13th year, continuing its long standing in the Middle East as the must-attend annual event for the region’s trade finance community. Organised with the support of key market institutions including the Dubai Chamber Of Commerce, Dubai Exports, International Chamber of Commerce and many more, the event will welcome representatives from across the international business, banking, legal, insurance and government sectors to discuss current and future trade priorities.
Accuity and FircoSoft have joined forces under one banner, and now our clients are connected and protected with the most comprehensive sanctions screening, payments and compliance data, and technology solutions so that they can meet their business objectives with a level of precision and efficiency never before available. Together Accuity and FircoSoft help clients confidently build business momentum.
Accuity is powered by Bankers Almanac, which has been a trusted source of financial research data for over 175 years, and FircoSoft has been the world’s watch list filtering expert since 1994.
Together, Accuity and FircoSoft give our clients the certainty to take advantage of opportunities around the globe without jeopardizing their good name. Clients can depend on best-in-class automated solutions from the undisputed industry leader.
About Henry Balani
Henry Balani is currently Head of Innovation at Accuity and is responsible for introducing new solutions that help address clients’ payments, compliance and now your customer (KYC) needs. He has extensive experience working with banks and corporations, having pioneered sanction screening solutions related to trade finance compliance, amongst other AML solutions. He was previously managing director with responsibility for managing Accuity’s compliance group, product management group and all compliance risk solutions. Henry has been with Accuity for more than nine years.