Accuity, the leading provider of payment routing data, anti-money laundering (AML) screening software, and services, is pleased to announce that Bank of Beijing, one of China’s largest commercial banks, has selected Accuity’s Compliance Link and Global WatchList. Compliance Link, Accuity’s modular enterprise-wide interdiction screening solution, and Global WatchList, Accuity’s proprietary collection of sanctions, enhanced due diligence and Politically Exposed Persons (PEPs) lists, will help Bank of Beijing lead its market by employing an innovative solution that includes functionality for managing entity records in multiple languages and character sets.
The Bank engaged with Accuity and its local partner in China, Jade Bird, in early 2009 to discuss the market and technology-specific needs of the Bank’s AML compliance program. Key to helping Bank of Beijing with its fight against global money laundering and terrorist financing in its continually – growing market is Compliance Link’s Language Module. Unique in the industry, Compliance Link’s Language Module will convert Bank of Beijing’s Chinese-character entity records into Roman-character equivalents for screening – in real time or in batch – against global caution lists in Roman characters. While Bank of Beijing is using only the Chinese-language component, Compliance Link offers capabilities for a number of languages in other character sets including Japanese, Korean, Cyrillic, Arabic, Greek and many others. Using the Language Module as part of its end-to-end screening solution, Bank of Beijing will have greater visibility and clarity when screening daily volumes of up to ten thousand cross-border payments, complying with all national and international regulations and protecting its reputation.
In addition, Bank of Beijing will be employing Compliance Link’s ability to screen information in its databases and transaction systems held in Chinese characters against caution lists in Chinese characters. Compliance Link’s language-specific capabilities are an ideal complement to the extensive coverage of PEPs provided by Accuity’s Global WatchList, combined, these capabilities will elevate Bank of Beijing’s national enhanced due diligence efforts to a market leading level.
Prior to selecting Accuity, the Bank of Beijing engaged in a detailed review of all global providers, and “(we) have chosen Accuity based on its unique ability to provide a complete solution including data, software and services,” says a Bank of Beijing official, “Accuity is able to provide local IT support, implementation and training services through its partnership with Jade Bird – this comprehensive offering is key for our operations.”
“Accuity has a long established history of supplying the market with global banking data of unmatched breadth, depth and accuracy and is pleased to be able to assist market leaders like Bank of Beijing with the innovative technology evident in Compliance Link and the comprehensive data coverage provided by Global WatchList,” said Malcolm Taylor, Accuity’s managing director EMEA and Asia Pacific. “We are happy to have this opportunity to provide one of the world’s largest economies with further protection against illicit financial transactions and compliance with global anti-money laundering initiatives.”