Financial crime compliance, payments, and know-your-customer (KYC) solutions provider Accuity has announced a new artificial intelligence (AI) driven account-screening capability.
Firco Automated Alert Reduction aims to increase the level of accuracy in detecting and evaluating screening matches during the KYC process.
Accuity says its new solution has also been designed to integrate with the widely used LexisNexis WorldCompliance data solution to expand its visibility into sanctions, politically exposed persons (PEPs) and adverse media lists.
Easing the burden
Accuity’s new module augments existing financial crime filters and claims to lighten 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.
Reducing false positives
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.
Firco Automated Alert Reduction applies AI techniques to the hundreds of thousands of potential matches produced by a financial crime screening system using a scoring methodology that calculates the probability that a match is correct and not a false positive.
Categories: Trade Based Financial crimes News