Kharon, the research and data analytics company focused on security threats and other controversies that impact global commerce and finance, and Accuity, the leading global provider of financial crime screening, payment services and Know Your Customer (KYC) solutions, today announced a partnership that aims to allow organizations to better manage sanctions-related risk in their customer and transaction screening operations.
With this partnership, Kharon sanctions-related risk data can now be used with the Firco suite of financial crime screening solutions from Accuity. Firco users can leverage Kharon data to add greater depth to sanctions-related risk coverage, including majority-owned subsidiaries of sanctioned actors (Kharon 50 Plus), minority-owned subsidiaries of sanctioned actors, entities controlled or led by sanctioned actors, and other risk typologies. This combination seeks to improve screening accuracy and easily adjust to specific risk policies.
According to the recently released Accuity Sanctions Pulse, the global economic sanctions landscape was especially active during the third quarter of 2020 as regulators continued to impose sanctions across a number of issues. Screening against majority-owned subsidiaries of Office of Foreign Assets Control (OFAC), European Union, and United Nations sanctioned firms has increasingly become industry standard, but the steady expansion of companies and individuals placed on sanctions lists has made it increasingly important to keep pace with the changes and make the necessary adjustments to data and systems.
Victoria Lumb, SVP of Sales, Kharon said: “The ability to efficiently and effectively screen customers, commercial partners and transactions for sanctions-related risk is critical in any control framework. We are extremely pleased that by collaborating with Accuity customers can better manage operational and risk management challenges that will deliver cost savings and regulatory assurance.”
Franck Lanher, Vice President, Partnerships, Accuity, said: “Sanctions compliance practitioners need fast access to accurate data and sophisticated screening technology to help manage their compliance programs. Our partnership with Kharon aims to help organizations address the expanding scope of sanctions requirements, while tempering compliance costs, preparing for regulatory scrutiny and avoiding unnecessary penalties.”
For more information, please contact:
Imogen Nash, Accuity
Tel: +44 (0) 7789 924 920
Izabella Siemicka, Kharon
Tel: +44 (0) 20 3868 3814
Notes to Editors:
Kharon is a leading provider of research and data analytics, focused on global security threats and other controversies that impact global commerce and finance. Kharon’s clients include first tier international financial institutions, global corporates, public sector entities and professional services firms. Kharon is headed by former senior officials from the U.S. Department of the Treasury, and experienced professionals in software development and data science.
For more information or to join the Kharon team, visit www.kharon.com and connect with us on LinkedIn and Twitter.
Accuity powers compliant and assured client transactions to help build an interconnected and trusted financial ecosystem. Our financial crime screening, payment services, and benefits compliance solutions help enable financial inclusion while identifying criminal activity and fraudulent players. With deep expertise and industry-leading data and analytics solutions from the Firco and Bankers Almanac brands, Accuity provides unmatched confidence, efficiency and compliance for customers around the world. Part of RELX, 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.