The Bank engaged with Accuity and its local partner in China, Jade Bird, in early 2009 to discuss the market and technology-specific needs of the Bankâs AML compliance program. Key to helping Bank of Beijing with its fight against global money laundering and terrorist financing in its continually - growing market is Compliance Linkâs Language Module. Unique in the industry, Compliance Linkâs Language Module will convert Bank of Beijingâs Chinese-character entity records into Roman-character equivalents for screening â in real time or in batch â against global caution lists in Roman characters. While Bank of Beijing is using only the Chinese-language component, Compliance Link offers capabilities for a number of languages in other character sets including Japanese, Korean, Cyrillic, Arabic, Greek and many others. Using the Language Module as part of its end-to-end screening solution, Bank of Beijing will have greater visibility and clarity when screening daily volumes of up to ten thousand cross-border payments, complying with all national and international regulations and protecting its reputation.
In addition, Bank of Beijing will be employing Compliance Linkâs ability to screen information in its databases and transaction systems held in Chinese characters against caution lists in Chinese characters. Compliance Linkâs language-specific capabilities are an ideal complement to the extensive coverage of PEPs provided by Accuityâs Global WatchList, combined, these capabilities will elevate Bank of Beijingâs national enhanced due diligence efforts to a market-leading level.
Prior to selecting Accuity, the Bank of Beijing engaged in a detailed review of all global providers, and â[we] have chosen Accuity based on its unique ability to provide a complete solution including data, software and services,â says a Bank of Beijing official, âAccuity is able to provide local IT support, implementation and training services through its partnership with Jade Bird â this comprehensive offering is key for our operations.â
âAccuity has a long-established history of supplying the market with global banking data of unmatched breadth, depth and accuracy and is pleased to be able to assist market leaders like Bank of Beijing with the innovative technology evident in Compliance Link and the comprehensive data coverage provided by Global WatchList,â said Malcolm Taylor, Accuityâs Managing Director EMEA and Asia Pacific. âWe are happy to have this opportunity to provide one of the worldâs largest economies with further protection against illicit financial transactions and compliance with global anti-money laundering initiatives.â