Accuity, a provider of financial crime compliance, payments, and Know Your Customer (KYC) solutions, announced its AI-driven account screening capability, Firco Automated Alert Reduction.

Firco Automated Alert Reduction is designed to increase the level of accuracy in detecting and evaluating screening matches during the KYC process. The new module augments existing financial crime filters and reviews potential risks, such as illicit financial activity, sanctioned entities, politically exposed persons (PEPs), and reputationally exposed persons (REPs).

Firco Automated Alert Reduction applies AI techniques to numerous potential matches produced by a financial crime screening system. Its patented scoring methodology calculates the probability that a match is correct and evaluates how material the risk is to the business. The most relevant hits are flagged for immediate attention, based on the organization’s individual risk appetite and compliance policy. Results are fed back into the screening cycle continuously.

The launch of Firco Automated Alert Reduction is a result of the acquisition of Safe Banking Systems (SBS) by Accuity in July 2018.