Accuity, the leading provider of financial crime compliance, counterparty know-your-customer (KYC) and payments solutions, announced today that Co-Operative Bank (CB) has gone live with its financial crime screening solution. CB bank had selected Firco Compliance Link to enhance its overall onboarding and payments screening processes.
CB bank, ranked as one the top banks in Myanmar, selected Accuity for the bank-wide implementation of Firco Compliance Link. Concerned about the increase of de-risking among banks globally, especially in Myanmar, CB bank made the decision to enhance its account and transaction screening capabilities to mitigate sanctions risks and to detect illicit financial transactions.
Sean Norris, Accuity Managing Director Asia-Pacific, said: “We are pleased to work with Co-Operative Bank (CB). CB bank is leading the way for banks and financial institutions to reduce regulatory risk and mitigate illicit financial crime activities in Myanmar. We are confident that Accuity’s financial crime compliance solution will provide CB bank with a flexible, secure, and centralized end-to-end screening solution. We hope this will help the bank demonstrate to its counterparty banks that it meets international compliance standards.”
Firco Compliance Link is a one-stop sanctions screening platform that helps to flag potential high-risk individuals and identify illicit financial transactions. The ongoing automated screening with consolidated reviews and a complete audit trail helps ensure that the bank is up-to-date with regulatory requirements. The data screening solution powered by Accuity’s Global WatchList®, comprehensive sanctions and high-risk lists, provides automated real-time and batch screening capabilities. Through its flexible and easy-to-deploy platforms, it enables improvements in operational efficiency in onboarding and international remittances.
Mr. Oo Thein Myint, General Manager and Chief Compliance Officer, Co-Operative Bank (CB), said: “About two years ago, banks in Myanmar were greatly impacted by the onset of global de-risking. We wanted to ensure that our customers and global partners continue to place their trust in our AML policies and procedures. In order to mitigate any compliance risk and to safeguard our reputation, we have taken the proactive step to enhance our payments and sanctions screening capabilities and in the process, become the first bank in Myanmar to have done so.”
For more information, please contact:
Heather Smith, Accuity,
Prisita Menon, Cognito
Tel: +65 9856 4954
Notes to editors
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 The RELX Group, one of the world’s leading business information and data providers, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
About Co-Operative Bank Ltd
Co-Operative Bank Ltd (CB Bank Ltd) was incorporated in 21st August 1992 through the rules of Company Act and Myanmar Financial Institutions laws. CB Bank Ltd is operating as a 100% privately owned Bank under the license of Central Bank of Myanmar. In 2004, Co-Operative Bank Ltd changed its legal business structure into Public Company under the Myanmar Companies Act.