Accuity has introduced an AI-driven account screening capability, Firco Automated Alert Reduction, aimed to increase accuracy in detecting and evaluating screening matches during Know Your Customer (KYC) processes. The solution results from Accuity’s acquisition of Safe Banking Systems in July 2018 and has been optimised through integration with WorldCompliance data. Rather than leaning on manual processes and managing an abundance of false positives, the Firco solution applies AI techniques to potential matches produced by screening systems and includes a scoring methodology that calculates the probability of a match being correct and evaluates how material the risk is to the business.
A-Team Insight Briefs
Accuity Adds AI to Financial Crime Compliance Screening
Sanctions screening at the security level is a relatively recent requirement for the buy-side. It dives deeper than traditional KYC and AML screening and is immensely challenging as firms must monitor frequently changing sanctions lists, source up-to-date sanctions data and beneficial ownership data, and integrate these to screen growing lists of potentially sanctioned securities. As...
Financial crime compliance automation specialist PassFort has raised $16.2 million through its recent Series A funding. The company, whose SaaS-based platform automates financial crime and compliance processes, will use the funds to realise its global growth plans. The funding round was led by the US growth equity fund, Level Equity, with participation from PassFort’s existing...
DMS London brings together the European data management community to explore the latest challenges, opportunities and data innovations facing sell side and buy side financial institutions.
Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...