Estonian lender Bigbank has selected Accuity to streamline its account and payments screening processes to mitigate the risk of financial crime.
The bank will deploy Accuity’s financial crime screening solution Firco Compliance Link to support automated account and transaction screening with consolidated reviews as well as a full audit trail.
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The technology vendor said that its platform will help the bank better identify financial crime risk, highlight potential sanctions breaches and flag potentially high-risk customers and politically exposed people (PEP).
It will also facilitate better customer screening and strengthen existing know your customer measures, Accuity added.
Accuity EVP of risk and compliance, product and strategy Tom Golding said: “International regulations continue to focus on combatting financial crime and preventing the funding of terrorism through increased compliance requirements that banks now have to adhere to.
“At the same time, customers are demanding faster payments, meaning banks now have a real need for speed. It’s great to see Bigbank improving its customers’ experience, whilst at the same time, protecting the bank from facilitating financial crime.”
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By GlobalDataBigbank head of operations security and control unit Alar Kondratjev said: “Our customers remain central to everything we do. It is important that we are constantly improving our processes to enhance our customers’ experience. Firco Compliance Link helps to further support the digitalisation and automation of our bank processes.”
