A Central Repository To Help Identify Online Rogue Entities
Accuity, the global standard for payment efficiency and compliance solutions today announced the launch of their cybercrime watch list, powered by Veri-Site™. This solution is a proprietary, open source database that provides risk-relevant intelligence regarding rogue websites, IP theft, cybercrime, web-enabled transnational organized crime and sanctioned entities operating online. This new solution enables financial institutions and payment service providers to screen against high-risk entities that use the internet to conceal their true identity.
This first-of-its-kind solution includes Veri-Site’s database of online rogue entities alongside Accuity’s exhaustive watch lists. The data will help Accuity customers uncover and profile rogue websites, their sub entities, such as ultimate beneficial owners, senior management and Board of Directors. Monitoring both online and offline threats, the cybercrime solution provides a single 360-degree tool to minimize the risk of dealing with entities that use the Internet to facilitate criminal activity.
“The threat of cybercrime is at an all-time high” comments Henry Balani, Managing Director at Accuity. “The risk of money laundering and terrorist financing from IP theft, cybercrime, web-enabled transnational organized crime and sanctioned entities operating online is of significant concern to the financial services industry and, naturally, there has been an expansion of existing regulatory frameworks as financial institutions and payment service providers face increased scrutiny. In working with Veri-Site, Accuity has added a comprehensive online product to our suite of compliance solutions to tackle this growing global challenge.”
Dan Peak, CEO of Veri-Site said, “The online world has dramatically changed the risk landscape. At Veri-Site we specialize in providing online intelligence to manage operational, regulatory, and reputational risk, ultimately impacting their risk management decisions. In working with Accuity, we’re thrilled that our online intelligence has helped create an innovative solution to assist their clients with combatting Internet-based crime.”
Alongside Compliance Link, Accuity’s screening tool, the cybercrime solution provides the intelligence to make informed risk management decisions. Compliance Link utilizes selective and delta file screening to ensure watch lists are updated when records are added, changed and updated, screens against private watch lists, and meets regulatory requirements by screening against FinCEN's Subject Information Request (SIR) list. These enhanced screening options improve operational efficiency by reducing the cost, risk and time associated with manually intensive screening processes.
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