About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Accuity Upgrades Financial Crime Screening Solution

Subscribe to our newsletter

Financial crime compliance specialist Accuity has enhanced its account screening and alert management platform ‘Firco Screening Insight – for accounts’ to include new data offerings, improved list management capabilities, and integration with third-party case management solutions. The improvements are designed to reduce false positives, improve accuracy and track the latest regulations and watchlists.

According to data from a recent Accuity study, two thirds (66%) of financial institutions struggle to achieve low false positive rates, placing a greater burden on their compliance departments and reducing the effectiveness of financial crime screening processes. The Firco platform, which used to be known as ‘SBS SAFE Advanced Solutions Visial Intelligence Platform’, uses AI to identify true matches and improve filtering, analysing large volumes of customers and counterparties and scoring them by match probability. It also ranks alerts by severity, providing a detailed view of the greatest alert risks so compliance departments can assign its resources to the highest priority alerts in alignment with risk appetite.

The platform, which is hosted in the cloud and integrates with WorldCompliance data, collects and validates watchlists from all major sanctioning bodies, law enforcement agencies, and financial regulators worldwide in one centralised location, sending automatic updates to enable continuous screening throughout the client lifecycle process as sanctions evolve. It also provies a new Alert Reduction API, providing integration with third-party case management, including the addition of Oracle Financial Services Enterprise Case Management – helping organisations to prioritise alerts by risk severity and generating audit trails on demand.

“Financial institutions are struggling with increased regulatory scrutiny; an unsustainable volume of alerts, especially as domestic PEP screening increases; and, constrained resources,” says Sophie Lagouanelle, VP Financial Crime Screening at Accuity. “The new enhancements to Firco Screening Insight – for accounts further helps compliance departments uncover non-obvious relationships and flag anomalies to significantly improve the accuracy of alert matches and lower false positives”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to apply innovative e-comms surveillance whilst ensuring control, compliance and enhanced productivity

Remember the days when email was the predominant media for electronic communications within and among financial institutions? Fast forward to today, and email represents a declining fraction of these e-comms, many of which are hosted by modern collaborative platforms such as Microsoft Teams, Webex, Slack, and Zoom, and all of which are subject to surveillance....

BLOG

KYC Hub Launches OpsFlow for Automated Client Onboarding

Due diligence and compliance automation specialist KYC Hub has released a Robotic Process Automation (RPA) based platform to streamline client onboarding across a wide range of industries including financial services. OpsFlow aims to reduce complexity in the onboarding process by offering access to hundreds of global verification types through a single solution, allowing workflow and...

EVENT

TradingTech Summit London

Now in its 12th year the TradingTech Summit London brings together the European trading technology capital markets industry, to explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...