Accuity, the leading global provider of risk and compliance, payments and know your customer solutions has been selected by First Abu Dhabi Bank (FAB) to provide integrated global sanctions screening and data.
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, is going to use Accuity’s Fircosoft data and technology solutions to strengthen its transaction, customer and third-party screening processes.
The banking industry is experiencing unprecedented levels of change driven by three factors: relentless expansion of international regulation to combat financial crime and prevent the funding of terrorism; technology and regulatory-based disruption; and customer demand for faster processing of payments.
FAB is setting the standard for financial crime compliance in the Middle East by using Fircosoft’s renowned solutions. The Fircosoft portfolio of data-enabled technology solutions, delivered through a consultative partnership, provides versatile resources that help control risk, increase efficiency and meet regulatory requirements.
FAB’s compliance screening processes will become more efficient, meet the highest compliance standards and ultimately provide greater confidence to its many stakeholders.
Hugh Jones, President and CEO of Accuity, said: “I am thrilled to announce that Accuity has been selected by First Abu Dhabi Bank. Our Fircosoft account and transaction screening platform combines an industry standard filter and developments in machine learning, together with our data that has been optimised to run on the platform. This helps our clients understand and manage their risk exposure and meet regulatory requirements.”
Arif Shaikh, Group Chief Risk Officer said: “As the largest bank in the country, and a leading bank worldwide, it is essential for us to ensure that we have robust measures in place to maintain the level of trust we have with our customers, stakeholders and the wider community.”
He added: “The Fircosoft solution from Accuity provides us with a robust platform to ensure financial crime compliance is not only managed efficiently, but that it makes FAB stronger, today and in the future. We can continue to help our customers; shareholders, employees and communities grow, with added confidence that we have a best in class screening solution to support our efforts in managing financial crime compliance.”
Accuity provides data to over 15,000 customers in 165 countries, including 94 of the 100 largest banks globally. Fircosoft is Accuity’s compliance screening brand and provides solutions and services to over 800 customers in 85 countries, including nine of the world’s largest ten financial institutions.
Daniel Black, Regional Manager MENA, Accuity, added: “It’s great to be working with First Abu Dhabi Bank who really are leading the industry in terms of financial crime compliance. As FAB’s customer base expands across all key markets in the region, Accuity will scale to support this growth and continue to ensure FAB is meeting the very highest standards for screening compliance.”
For more information, please contact:
Imogen Nash, Accuity
Tel: +44 (0) 7789 924 920
Francesca Bliss, Cognito
Tel: +44 (0) 207 426 9406
Notes to editors
About First Abu Dhabi Bank
The UAE’s largest bank and one of the world’s largest financial institutions, the new bank offers an extensive range of tailor-made solutions, products and services, in addition to customised experiences. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises. Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans over 19 countries across the world, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. In line with its commitment to put customers first, to grow stronger, the new bank would continually invest in people and technology to create the most customer-friendly banking experience and will support the growth ambitions of its stakeholders across countries in which the bank operates. Through a strong, diversified balance sheet, leading efficiency and a solid corporate governance structure in place, the new bank is set to drive growth forward.
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 optimize 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 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 organisations.
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 is deployed by nine of the world’s top ten banks— yet it can be scaled to meet the specific needs of any organisation.
The Fircosoft portfolio includes the following products:
- Firco Continuity for payments transaction screening
- Firco Trust for customer on-boarding and regular screening
- Global Watchlist® which includes PEP lists, sanctions lists such as OFAC, EU, UN, HMT and enhanced sanctions lists which will provide the countries not to deal with, the SWIFT/BICs of banks, the companies, the addresses of banks or family/political/business partners of those individuals