Accuity, a global financial crime compliance, payments and KYC solutions provider, announced the launch of Bankers Almanac Sanctions View.

The new proposition allows financial institutions to gain a comprehensive and holistic view of their financial counter-parties&madash;including their ownership data together with any sanctions risk—to help them perform their KYC due diligence faster and easier. Algorithms that use Bankers Almanac’s extensive data, sourced from more than 50 regulatory bodies, against the details of over 23,000 banks, establish a strength score on the potential risks posed by counter-parties.

Since the financial crisis, regulators across the world have continued to ramp up the pressure on financial institutions to know their customers and any indirect risks associated with them, for example, from nested relationships. This has led to compliance teams having to sift through reams of complex intelligence, regulatory data and lists, which is often done manually.

Bankers Almanac Sanctions View deploys advanced algorithms that enable financial institutions to gain insight into the risk networks of their counterparties and identify any sanctioned entities within those networks, in order to provide a greater degree of certainty as to who their customers’ owners and subsidiaries really are. In addition, the service assesses risks to current or prospective counterparties from a single source.

 

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