Email Contact Phone Company Visit Website

Accuity/NRS - Evanston, IL Office

1007 Church Street Evanston, IL 60201 U.S.A.
Evanston
IL
US

NRS - San Diego, CA Office

10089 Willow Creek Rd., Suite 120 San Diego, CA 92131
San Diego
CA
US

NRS - Lakeville Office

29 Brook Street PO Box 71 Lakeville, CT 06039
Lakeville
CT
US

Telephone

847.933.5152

Contact

Marideth J. Salgado
[email protected]
Back to all Accuity announcements

Accuity outlines key sanctions compliance and AML improvements in trade finance at GTR MENA trade finance week 2016

Speaking today at GTR MENA, Accuity, the leading global provider of risk and compliance, payments and know your customer solutions, will discuss innovation in sanctions, KYC, AML and compliance for trade finance, particularly in the light of recent lifting of sanctions.

In Accuity’s view, the top 5 ways that banks can improve their sanctions compliance and AML processes for trade finance are:

  1. Ensure your screening process captures dual-use goods.
    Banks need to be more vigilant about whether goods or raw materials can be used for military purposes.
  2. Assess your KYC counterparty risks.
    Bank risk profiles may change and conducting the appropriate due diligence is critical
  3. Ensure your compliance processes are consistent.
    Regulators are keen to ensure that banks follow a comprehensive and repeatable process when it comes to screening trade transactions.
  4. Leverage the appropriate mix of technology and people.
    Over-reliance on any component leads to inefficiencies in the process.
  5. Ensure you understand which regulatory bodies you must comply with.
    There is a difference between global regulators as to which Iranian entities are no longer sanctioned which can create confusion.

Henry Balani, Head of Innovation at Accuity, said: “Today, corporates and financial institutions are struggling to cope with ever expanding compliance programs to satisfy all aspects of their AML policies. It is even more challenging with the emergence of this complex trade-based money laundering phenomenon. I look forward to attending this event and to moderating the panel that will address issues related to Sanctions, KYC, AML and Compliance and recent innovations to help combat compliance violation, fraud and money laundering in trade finance.”

Henry Balani is currently Head of Innovation at Accuity and is responsible for introducing new solutions that help address clients’ Payments, Compliance and Know Your Customer (KYC) needs. He has extensive experience working with banks and corporations, having pioneered sanction screening solutions related to Trade Finance compliance, amongst other AML solutions. He was previously Managing Director with responsibility for managing Accuity’s Compliance group, Product Management group and all Compliance Risk solutions. He has been with Accuity for over 9 years. 

GTR Mena Trade Finance Week returns to Dubai for its 13th year, continuing its long standing in the Middle East as the must-attend annual event for the region’s trade finance community. Organised with the support of key market institutions including the Dubai Chamber Of Commerce, Dubai Exports, International Chamber of Commerce and many more, the event will welcome representatives from across the international business, banking, legal, insurance and government sectors to discuss current and future trade priorities.