Accuity, the provider of payment routing data, AML screening software and services, has added the Screening Alert Report Service to its extensive suite of compliance applications. The service, which provides a consolidated bi-weekly report of the latest caution list updates from regulatory agencies around the world, offers an in-depth analysis of the new or changed listings and recommends screening rules to assist regulated firms in managing AML operations effectively.
By consolidating numerous caution list changes and helping firms apply appropriate updates to their screening operations, the Screening Alert Report Service reduces potential “false positives” that might otherwise result from new our updated entity listings, which can result in increased costs and operational inefficiencies. Using the report, firms can create the appropriate rules within their screening solutions, ensuring that their AML screening operations are optimized and up-to-date.
After collecting and reviewing updates from OFAC, the EU, HM Treasury and various other regulatory agencies, Accuity points out any inherent matching phrases that are likely to produce increased numbers of incorrect matches, provides commentary on the various entities and corresponding matching phrases and recommends specific False Positive Rules to address these items. The bi-weekly report is delivered via e-mail in a PDF format directly to subscribers, who can then create the appropriate rules.
“Organizations seeking to maximize the effectiveness of their AML compliance operations need more than just data to be effective,” says Henry Balani, managing director of the strategic services group for Accuity. “Understanding how to properly apply caution list changes to their existing screening operations in order to minimize false positives is key. The Screening Alert Report Service is yet another tool Accuity offers to help our customers meet their AML compliance obligations while saving time and money.”
D.C.