The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the United Kingdom Financial Conduct Authority (FCA).
Firco Automated Alert Reduction increases the accuracy and relevance of matches, helping reduce manual review times and curb the escalating costs of compliance
Accuity, the leading provider of financial crime compliance, payments, and Know Your Customer (KYC) solutions, has announced its AI-driven account screening capability, ‘Firco Automated Alert Reduction’, which increases the level of accuracy in detecting and evaluating screening matches during the KYC process. It has also been optimised to integrate seamlessly with WorldCompliance™ data to expand its visibility into sanctions, politically exposed person (PEP) and adverse media lists, in support of compliance requirements.
This new module augments existing financial crime filters and alleviates a significant burden for organisations with large-scale compliance operations that rely heavily on human operators to review potential risks. Risks associated with customer accounts can include exposure to illicit financial activity, sanctioned entities, PEPs and reputationally exposed persons (REPs).
Existing matching technology compares customer data to the entities listed on regulatory watch lists, but until now, has not been sophisticated enough to eliminate the abundance of ‘false positive’ results produced, with the necessary level of accuracy. Manually assessing alerts to determine quality, potential risk, and whether further investigation is required, has been a significant drain on compliance resources and a contributor to the rising costs of compliance across the industry.
According to the recent Chartis Research Financial Crime Risk Management Systems: AML and Watchlist Monitoring report, “the success of an AML system is usually measured by the amount of time it saves and its reduction of false positives.”
Europe's financial supervisory authorities have advised against the introduction of a coherent cyber resilience testing framework for the continent's market participants and infrastructures - at least in the short term.
Cybersecurity attackers in the large value payments chain are adjusting their modus operandi, lowering the value of transactions and running fraudulent instructions during normal operating hours in an attempt to blend in with regular payment flows and avoid detection, according to a new report from banking co-operative Swift.
Prometeia – the global provider of Risk Management consulting and software solutions – and The Council Advisory Services Europe (The Council) – a primary player in the strategic and project advisory field in the Nordics and Baltic area – announced their strategic partnership with the intention of providing Risk and Compliance solutions to banks and financial institutions in the Nordics.
Barclays, BBVA, Deutsche Boerse and Swift are among the financial services sector names to join a new collective promoting the development of a global framework for the development and adoption of distributed ledger technology.
TSB is discontinuing its contract with Banco Sabadell tech subisidiary Sabis in order to bring its IT responsibilities back inhouse following the badly botched migration to the Spanish bank's platform last year.