Wednesday, 24 April 2024
Afghanistan International Bank (AIB) selects Accuity for financial crime compliance screening
Accuity, the leading provider of financial crime compliance, payments and counterparty know-your-customer (KYC) solutions, is proud to announce that it has been selected by the Afghanistan International Bank (AIB) to assist in enhancing the bank’s compliance and screening capabilities against illegal payment transactions and financial activities.
AIB, one of the largest private banks in Afghanistan, has implemented Accuity’s Firco Compliance Link, an automated and comprehensive financial crime compliance screening solution, to provide it with a consolidated view of all account, transaction and trade activity in order to comply with screening and regulatory requirements.
Several banks in Afghanistan have been impacted by the global de-risking trend that has significantly reduced the number of correspondent banking relationships in the country. AIB’s proactive step to implement Accuity’s Firco Compliance Link reflects the bank’s dedicated effort to help control financial risk, increase payment screening efficiencies and meet the global standards for compliance screening required by the international financial community. Accuity’s innovative data-enabled technology and flexible configuration will help AIB streamline its screening processes, to ensure compliance and minimize risk whilst increasing competitive advantage.
Anthony Barned, Chief Executive Officer, AIB, said: “As Afghanistan’s most respected and trusted financial institution, we endeavour to maintain the highest standards to local regulatory and international compliance requirements. We chose Accuity because of its outstanding innovation and local implementation and support infrastructure. We expect to save 30% of our manual efforts with an overall improvement of 40% on our false positive hit-rate. I would like to thank Accuity and look forward to a more proficient way of banking with our clients and counterparties.”
Bharath Vellore, Managing Director Asia-Pacific, Accuity said: “With increasing global regulatory pressures requiring banks to significantly enhance their compliance screening processes to combat terrorist financing and money laundering, we are seeing growing interest from banks and financial institutions in Afghanistan to bolster their compliance and payment screening capabilities. I would like to congratulate AIB for taking proactive steps to improve its compliance screening, in line with international standards. AIB is leading the way in driving a positive change across the banking and financial industry in mitigating illicit financial crimes and risks in the country.”
Firco Compliance Link, Accuity’s award winning solution, fuelled by Global WatchList® (GWL), a comprehensive collection of compliance data, provides a flexible, end-to-end solution that businesses use to centralize their screening processes. The enterprise wide solution for financial institutions’ regulatory compliance screening needs utilizes its powerful filtering technology, to provide a stable foundation for banks and corporations to build regulatory compliance and enhanced due diligence programmes.
Re-disseminated by The Asian Banker
