Afghanistan International Bank (AIB) selects Accuity for financial crime compliance screening


Accuity, the leading provider of financial crime compliance, payments and counterparty know-your-customer (KYC) solutions, is proud to announce that it has been selected by the Afghanistan International Bank (AIB) to assist in enhancing the bank’s compliance and screening capabilities against illegal payment transactions and financial activities.

AIB, one of the largest private banks in Afghanistan, has implemented Accuity’s Firco Compliance Link, an automated and comprehensive financial crime compliance screening solution, to provide it with a consolidated view of all account, transaction and trade activity in order to comply with screening and regulatory requirements.

Several banks in Afghanistan have been impacted by the global de-risking trend that has significantly reduced the number of correspondent banking relationships in the country. AIB’s proactive step to implement Accuity’s Firco Compliance Link reflects the bank’s dedicated effort to help control financial risk, increase payment screening efficiencies and meet the global standards for compliance screening required by the international financial community. Accuity’s innovative data-enabled technology and flexible configuration will help AIB streamline its screening processes, to ensure compliance and minimize risk whilst increasing competitive advantage.

Anthony Barned, Chief Executive Officer, AIB, said: “As Afghanistan’s most respected and trusted financial institution, we endeavour to maintain the highest standards to local regulatory and international compliance requirements. We chose Accuity because of its outstanding innovation and local implementation and support infrastructure. We expect to save 30% of our manual efforts with an overall improvement of 40% on our false positive hit-rate.”

Bharath Vellore, Managing Director Asia-Pacific, Accuity said: “With increasing global regulatory pressures requiring banks to significantly enhance their compliance screening processes to combat terrorist financing and money laundering, we are seeing growing interest from banks and financial institutions in Afghanistan to bolster their compliance and payment screening capabilities.

AIB is leading the way in driving a positive change across the banking and financial industry in mitigating illicit financial crimes and risks in the country.”

Firco Compliance Link, Accuity’s award winning solution, fuelled by Global WatchList® (GWL), a comprehensive collection of compliance data, provides a flexible, end-to-end solution that businesses use to centralize their screening processes. The enterprise wide solution for financial institutions’ regulatory compliance screening needs utilizes its powerful filtering technology, to provide a stable foundation for banks and corporations to build regulatory compliance and enhanced due diligence programmes.

Ends

For more information, please contact:

Heather Smith, Accuity
heather.smith@accuity.com
Tel: +44(0)7342-069-456

Prisita Menon, Cognito
prisita.menon@cognitomedia.com
Tel: +65 9856 4954

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 organizational reputations.

Part of RELX Group, a world-leading 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 Afghanistan International Bank (AIB)

Afghanistan International Bank was founded in 2004 and has since established itself as a pioneering leader in Afghanistan’s banking sector. We have become the country’s most respected and trusted financial institution.

Over the past ten years AIB has built an enduring institution that combines international expertise with local knowledge, giving us a deep-rooted understanding of customer needs that is grounded in the highest international standards and best practice.

About the Fircosoft portfolio of solutions

As illegal financial activities increase around the globe, so has the danger to the reputations of payments and compliance professionals. Fircosoft’s portfolio of innovative data-enabled technology solutions, delivered through a high-touch consultative partnership, helps these professionals manage risk and avoid damage to the good names of individuals and organizations.

Fircosoft’s pioneering sanctions screening– for transaction, account and trade screening – and data solutions set the standard for the industry, and our trade compliance expertise is unmatched. Fircosoft’s innovative software is so powerful, it’s deployed by nine of the world’s top ten banks – yet it can be scaled to meet the specific needs of any organization.

Media contacts

For more information, please contact:

Heather Smith, Accuity
heather.smith@accuity.com
Tel: +44(0)7342-069-456

Prisita Menon, Cognito
prisita.menon@cognitomedia.com
Tel: +65 9856 4954