Accuity, the global standard for payment efficiency and compliance solutions, today announced the launch of their cybercrime watch list, powered by Veri-Site™. This solution is a proprietary, open source database that provides risk-relevant intelligence regarding rogue websites, IP theft, cybercrime, web-enabled transnational organized crime and sanctioned entities operating online. This new solution enables financial institutions and payment service providers to screen against high-risk entities that use the internet to conceal their true identity.
This first-of-its-kind solution includes Veri-Site’s database of online rogue entities alongside Accuity’s exhaustive watch lists. The data will help Accuity customers uncover and profile rogue websites, their sub entities, such as ultimate beneficial owners, senior management and Board of Directors. Monitoring both online and offline threats, the cybercrime solution provides a single 360-degree tool to minimize the risk of dealing with entities that use the Internet to facilitate criminal activity.
“The threat of cybercrime is at an all-time high” comments Henry Balani, Managing Director at Accuity. “The risk of money laundering and terrorist financing from IP theft, cybercrime, web-enabled transnational organized crime and sanctioned entities operating online is of significant concern to the financial services industry and, naturally, there has been an expansion of existing regulatory frameworks as financial institutions and payment service providers face increased scrutiny. In working with Veri-Site, Accuity has added a comprehensive online product to our suite of compliance solutions to tackle this growing global challenge.”
Dan Peak, CEO of Veri-Site said, “The online world has dramatically changed the risk landscape. At Veri-Site we specialize in providing online intelligence to manage operational, regulatory, and reputational risk, ultimately impacting their risk management decisions. In working with Accuity, we’re thrilled that our online intelligence has helped create an innovative solution to assist their clients with combatting Internet-based crime.”
Alongside Compliance Link, Accuity’s screening tool, the cybercrime solution provides the intelligence to make informed risk management decisions. Compliance Link utilizes selective and delta file screening to ensure watch lists are updated when records are added, changed and updated, screens against private watch lists, and meets regulatory requirements by screening against FinCEN’s Subject Information Request (SIR) list. These enhanced screening options improve operational efficiency by reducing the cost, risk and time associated with manually intensive screening processes.
To request more information or to see a demo of the cybercrime solution, please visit www.accuity.com/verisite.
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Owned by one of the world’s leading business-to-business data and content providers, Reed Business Information, and part of Reed Elsevier, Accuity has been providing solutions to banks and businesses worldwide for over 175 years. Our unmatched data and services, powered by Bankers Almanac, deliver optimal payment efficiency, compliant transactions, bank counterparty insight and AML screening success.
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Veri- Site is a privately-held firm that offers an auditable and transparent database bundled with an integrated toolset that allows subscribers to make the best use of its data. The toolset includes filtering software, workflow tools, and audit log capabilities. Veri-Site’s risk-scoring capabilities are configurable by the subscriber to meet particular tolerances and enterprise requirements.
Veri-Site’s solutions are the result of decades of experience in risk management systems, global finance, and sophisticated IT design. They were created as a result of collaboration with industry and government leaders to fully understand and address the unique challenges of each sector in the interconnected eco-system of online business. Whether it is the financial world’s focus on Anti-Money Laundering and Know Your Customer, or intellectual property holders’ concerns on infringement, or advertisers quest to place ads carefully online, Veri-Site helps organizations to evaluate risk and follow best practices.