Accuity delivers Bankers Almanac Enhanced Due Diligence to automate risk assessments

KUALA LUMPUR, Jan 13 -- Accuity has announced the availability of Bankers Almanac Enhanced Due Diligence, a new solution enabling banks to conduct efficient and effective KYC risk assessments of their financial counterparties within a single application. The leading global provider of financial crime screening, payment services, and know your customer (KYC) solutions, Accuity has brought together two of its solutions, Bankers Almanac: Counterparty KYC and Firco Compliance Link. This is to create an ‘out-of-the-box' SaaS platform that automates the enhanced due diligence reports and audit trails required to meet regulatory guidance, according to a statement. Bankers Almanac Enhanced Due Diligence helps banks meet ever-increasing regulatory expectations, while improving operational efficiency and minimising the mounting cost of compliance. It addresses these issues by providing detailed documentation of the risk identification process for greater transparency, including an electronic audit trail of all actions taken. It also automates the financial counterparty KYC and financial crime screening processes within a single interface and brings down the total cost of ownership of the KYC process by streamlining systems and reducing manual tasks. Bankers Almanac Enhanced Due Diligence automates the risk identification process. The solution connects the comprehensive Bankers Almanac data set of over 200,000 global financial institutions, including names, addresses, and ownership information, with Firco Compliance Link, which assesses sanctions and money laundering risk by screening entities against the full breadth of financial crime data. -- BERNAMA