Accuity, a provider of payment routing data, anti-money laundering (AML) screening data and software and professional services, has expanded its sanctions data coverage. Companies will now have access to information not found on the standard UN and EU sanctions lists to help banks and corporations reduce regulatory risk and comply with global AML sanctions. These enhancements will allow organisations to identify and avoid doing business with groups associated with terrorism, money laundering, or illicit financial activities.
Accuity now offers more than 3,200 enhancements, including bank headquarters and branches, Bank Identifier Codes (BICs), subsidiaries of sanctioned companies and enhanced information on cargo and shipping companies, to provide maximum protection from risk and reputational damage.
“In today’s environment, banks are under more scrutiny than ever and cannot afford to expose themselves to the kind of reputation and compliance risk associated with violating AML sanctions. Many financial institutions do not realise that standard sanction lists do not encompass all the applicable regulatory requirement information,” said Brent Newman, managing director of Accuity’s global product and data management. “We’ve made a number of critical enhancements so that global organisations have the information they need to identify and screen against potential violations. More than ever, banks cannot afford to inadvertently be financing terrorism or weapons manufacturing.”
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