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Accuity Releases Compliance Link Version 2.7 to Further Combat Illicit Financial Activity Globally

Upgrade debuts Accuity’s Consolidated Entity Display and Cyrillic Matching Engine to enhance anti-money laundering and counter financing of terrorism measures

Accuity, the global standard for payment efficiency and compliance solutions, today announced the release of Compliance Link version 2.7, the latest upgrade of Accuity’s watch list filtering solution. Two significant product enhancements include the debut of a Consolidated Entity Display and Cyrillic Matching Engine. Both are designed to further enhance the capabilities of compliance officers at banks and other financial institutions in aligning with Financial Action Task Force (FATF) standards and global best practices against money laundering and financing of terrorism.

Compliance Link’s Consolidated Entity Display introduces a new data format which consolidates all related entities from a particular watch list. For an OFAC-sanctioned entity like Bank Mellat with multiple corporate and branch addresses, users can be confronted with many separate entity descriptions that need to be reviewed. With Compliance Link version 2.7, all of these separate entities are now consolidated and displayed as a single entity for each watch list. Consolidation also occurs when there are multiple listed aliases, passport numbers, dates of birth and more. This greatly increases efficiency during the screening process and provides a cleaner view of a potential match when reviewing cases in Compliance Link.

The Cyrillic Matching Engine uses proprietary logic to identify potential matches when input and Global WatchList® data is presented in Cyrillic characters. Many of Accuity’s Global WatchList lists contain source data in a native language, such as Russian, Ukrainian, Bulgarian, Belarussian and Macedonian. Compliance Link version 2.7 delivers the ability to screen against these entities in their native character sets, as well as their transliterated values in Latin script.

Through a one-stop solution to meet screening needs, Compliance Link version 2.7:

  • Conducts automated real-time and batch screening against multiple caution lists
  • Prioritizes work so each match is assigned a risk score that is customized to an organization’s risk assessment and tolerance levels
  • Provides multiple screening algorithms including Accuity Token, Fuzzy Logic, Phonetic or Dual-Use and Controlled Goods Matching to meet an organization’s needs
  • Easily integrates with existing processes and systems
  • Configures modules that enable total control of screening and review processes

According to Henry Balani, who leads the global compliance businesses for Accuity as Managing Director, “Tackling illicit financial activity and money laundering is high on the agenda of the over 1,500 banks and corporations that Accuity supports throughout the world. Aligning with international best practices, being able to identify and research potential customer risks, managing risk exposure and making informed business decisions in an increasingly complex environment is no small task for today’s compliance officers. The enhancements of Compliance Link version 2.7 aim to better automate these oftentimes cumbersome processes to assist with the reduction of false positives and ultimately boost efficiency and compliance.”