Accuity, a global provider of risk and compliance, payments and know-your-customer solutions, has launched a new screening solution to help companies tackle the emerging requirement to identify dual-use and controlled goods in trade.

Accuity launched the first version of its screening solution in 2012. Since then, the regulatory environment has become more complex and demanding, with an increasing expectation that dual-use goods are to be screened in every transaction, not just those considered to be high risk. Based on this evolving need, Accuity has now launched the next generation of its dual-use goods screening solution.

When developing a solution for dual-use goods screening, it became apparent that there is often a gap between the letter of the law and the realities of trade documentation, making it difficult for companies to determine the risk of the merchandise being traded. In addition, companies felt that being able to decipher whether merchandise was for civilian or military purposes required technical knowledge. With this in mind, Accuity sought to create a solution that would give companies confidence in their goods screening operations.

Based on extensive research and customer insight, including a survey of 8,000 institutions and nearly 60 in-depth meetings with banks, regulators, and subject-matter experts, Accuity has developed a new algorithm and data enhancements enabling firms to systematically screen for dual use goods in the same way they would screen the counterparties, vessel, or trade ports.

The enhanced data includes:

Synonyms;

Chemicals names and formulas;

Product names for military armaments (e.g. AK47); and

Ability to search by TARIC or harmonised codes.

Accuity is currently working with a small, select group of beta customers to test the new product; once testing is complete all existing customers will be able to upgrade to the new solution. In addition, the new dual-use goods solution can be delivered in a number of formats, including through Accuity’s Compliance Link Trade Finance, as an online lookup tool, or as an API that can be integrated with existing systems.

 

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