Endorsed by the American Bankers Association (ABA), FACFilter is a utility screening engine that filters account, transaction and other input data against various caution lists to reduce exposure to high-risk or sanctioned entities implicated in criminal activities including terrorism, money laundering and drug trafficking. FACFilter conducts batch or real-time checks against Accuityâs Global WatchListÂ® (GWL), a comprehensive collection of caution lists from around the world, including 100% coverage of regulatory lists, various enhanced due diligence lists and Politically Exposed Persons (PEPs).
The new Java and Windows versions include the ability for users to load the latest XML format of GWL that contains more data in an easy-to-read presentation, providing greater efficiency when reviewing matches. Additionally, the false positive reduction capability of these two new versions was enhanced to allow greater flexibility when creating rules for screening. The Java and Windows versions also now include advanced character set handling for languages that use special accent markings. Finally, the Windows version was upgraded to the .Net programming language and includes Accuityâs proprietary Advanced Matching Algorithm geared toward providing broader matching capabilities.
The new Mainframe version of FACFilter introduces DB2 tables for storage of caution list data. The DB2 tables provide the extra capacity necessary to handle the worldâs largest caution list data set including Accuityâs Regulatory Due Diligence Lists, Enhanced Due Diligence Lists and PEPs Due Diligence Database.
"As caution lists continue to grow, with more frequent updates, our customers are facing an even tougher time keeping up with their compliance efforts,â said Brent Newman, Managing Director, global product group for Accuity. âThese enhancements to our industry-leading filters provide a better-crafted package for customers seeking the best screening solution available.â