Accuity, the anti-money laundering (AML) screening software and services provider, has added the screening alert report service to its suite of compliance solutions. The service, which provides a consolidated bi-weekly report of the latest caution list updates from regulatory agencies around the world, offers an analysis of the new or changed listings and recommends screening rules to assist regulated firms in managing AML operations effectively.
Using the report, firms can create the appropriate rules within their screening solutions, ensuring that their AML screening operations are optimised and up-to-date. After collecting and reviewing updates from OFAC, the EU, HM Treasury and various other regulatory agencies, Accuity points out any inherent matching phrases that are likely to produce increased numbers of incorrect matches, provides commentary on the various entities and corresponding matching phrases and recommends specific false positive rules to address these items.
The bi-weekly report is delivered via e-mail in a PDF format directly to subscribers, who can then create the appropriate rules. “Organisations seeking to maximise the effectiveness of their AML compliance operations need more than just data to be effective,” said Henry Balani, managing director of the strategic services group for Accuity. “Understanding how to properly apply caution list changes to their existing screening operations in order to minimise false positives is key.”
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