Accuity, a leading worldwide provider of financial data, software and services, today announced several enhancements to its Compliance Suite – the company’s comprehensive collection of risk control solutions that provide a first-line defense against participation in illicit financial activities such as money laundering and terrorist financing.
The first, a new matching methodology called the Advanced Matching Algorithm (AMA), has been deployed within Accuity’s iCIF and Java FACFilter® screening solutions and will expand to other products in the future.
The AMA combines the best features from different search processes used by financial institutions to screen customer account information and transactions against regulatory and other caution lists to meet due diligence requirements. The AMA employs a sophisticated search logic that can detect unexpected misspellings, transposed letters, additional letters, double letters and other such matches. The AMA works in combination with Accuity’s token-based matching methodology maintaining the false positive reduction capabilities prevalent within Accuity’s Screening Applications.
“The AMA revolutionizes caution list matching methodology, giving users the ability to catch additional matches that other screening engines might miss. It provides quick, accurate and reliable results,” says David Leverenz, Accuity’s director of product management and development. “The AMA is the ultimate solution for compliance professionals who continue to face increased regulatory scrutiny.”
In addition to its enhanced matching capabilities, iCIF now enables users to seamlessly link from a Politically Exposed Person’s (PEP) profile that was returned as a match to the associated full profile on Accuity’s online PEP search tool, powered by WorldCompliance. The direct links facilitate further research into matches and streamline the dispositioning process.
Accuity also now provides an enhancement to the online version of its PEP search tool. Powered by WorldCompliance, the PEP look-up tool now features:
• a navigation page that enables “drill downs” by risk category, entity type and reporting source
• language tools that allow users to select the language for the user interface as well as translate supporting documents into the language of their choice
• relationship review capabilities featuring mouse-over effects that allow users to quickly review associates of a matched entity
• a passport validation mechanism that verifies passport numbers
These enhancements make this easy-to-use online tool the ideal solution for compliance professionals looking to upgrade their capabilities when screening against PEP data.
In addition to these updates, the data side of the Compliance Suite has also been enhanced. Accuity has added several new lists to the Enhanced Due Diligence segment of its Global WatchList®. This collection, dubbed the Worldwide Enhanced Due Diligence database, includes high-risk entities involved with money laundering, financial fraud, arms proliferation, drug trafficking, collateral crimes and terrorism. The entities that make up the database are derived from enforcement lists, credible diverse media sources, public court records and geography-specific research. Powered by WorldCompliance, the Worldwide Enhanced Due Diligence database is designed to identify accounts and transactions related to high-risk entities against which companies should apply additional scrutiny.
“The Worldwide Enhanced Due Diligence database is the perfect complement to the regulatory and caution lists that make up Accuity’s Global WatchList,” says Randall Pickett, Accuity’s associate director of product management. “With this addition, we offer the industry the most relevant collection of compliance-related data available.”
The distinguished clientele of Accuity’s Compliance Suite includes 15 of the top 20 global financial institutions as well as all of the top 10 banks in the U.S. Independent market researcher, Celent, recognized the position of Accuity’s matching solutions by declaring them to be the “de facto standard” in the market in its 2006 report on anti-money laundering vendors.
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