Accuity Compliance Software Solutions and Tools


Below is a detailed review of Accuity Compliance Software Solutions.

Based on its high number of features and wide range of capabilities, we are rating Accuity Compliance Software Solutions as one of this year’s best anti-money laundering (AML) and compliance platforms for banking and non-banking financial firms.


Product Highlight

Accuity Compliance is a compilation of agency-wide software and program platforms designed to assist banking institutions and financial service firms in the ability to adequately perform the following compliance-related functions:

  • Compliance with know your customer, anti-money laundering/countering financing on terrorism and anti-bribery regulations
  • Global transaction monitoring
  • Reputation management through risk assessment
  • Filing of regulatory, currency, and suspicious activities reports
  • Automated real-time and batch screening against caution lists
  • Sanctions compliance program assistance

Integration with current internal systems
Accuity Compliance-min

Image source: Accuity



Company Overview – Accuity

Accuity, originally Banker’s Accuity, is a global organization that assists institutional customers with compliance-related data and strategic software solutions. With over 175 years of experience, the company prides itself on providing its customers with detailed and efficient programming to reduce costs, minimize risks, and increase due diligence.

The majority of data used for Accuity’s compliance tools are powered by Bankers Almanac, the gold standard for data collection across a broad range of banking institutions and financial services firms. Utilizing this up-to-date information from Bankers Almanac ensures the data used by Accuity customers is of the highest quality available.

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Accuity Compliance Ranking and Accolades

As a recognized, reputable industry leader in technology and compliance-related program offerings, Accuity has received a number of awards, including:

  • Readers Choice – Best Financial Crime Prevention Product or Service from Banking Technology in 2011
  • Best in Class Watch List Filtering Solution from Aite Group’s Global Anti-Money Laundering Vendor Evaluation Report in 2011

Accuity is also endorsed by prominent compliance organizations as a premiere solution for organizational clients, including the American Bankers Association (ABA), the Law Society (UK), and CAMS.



Overview of Accuity Compliance Software Solutions and Tools

Accuity Compliance platform provides a robust compliance solution for organizations working within both the banking industry and financial services arenas. With a number of strategic programs, Accuity offers its customers solutions for the following functions:

Regulatory

  • AML/CFT and anti-corruption compliance
  • Risk screening for customer due diligence
  • PEP database access
  • Global sanctions data

Specialist Focus Areas

  • Organized crime and terror networks
  • Pre-conviction research
  • Embargoed vessels and ports
  • Country risk intelligence
  • Extensive multi-language capabilities
  • Sector expertise
  • Know your customer (KYC) screening services

Accuity offers its compliance solutions through separate programming, which includes:

  • ComplianceMax
  • Compliance Link
  • Online Compliance
  • Global WatchList

Key Features of Accuity Compliance Software Solutions and Tools

ComplianceMax

Accuity’s ComplianceMax platform allows organizational users the ability to establish a single standardized means to identify potential and current risks agency-wide and work toward compliance in those areas. Additionally, the ComplianceMax programming assists organizations in becoming transparent in transactions as well as measuring performance across different departments or geographic regions.

ComplianceMax is broken down into two strategic modules available for use, including:

  • Onboarding Module
  • Gifts and Entertainment Module

These features through Accuity’s compliance solutions are focused on remaining compliant within the realm of anti-bribery and corruption regulations on a global scale.

Compliance Link

Accuity’s anti-money laundering solution is provided through Compliance Link, which is designed to streamline an organization’s screening processes and know your customer regulations. Compliance Link offers the following functions to its users:

  • Automated, real-time, and batch screening against numerous caution lists
  • The ability to automate processes related to risk mitigation
  • Priority building based on matches and the organization’s overall risk assessment and tolerance
  • Customizable modules that allow for control of the screening and review processe

Compliance Link is an intuitive program solution for organizations wishing to minimize the potential for false positives and increase due diligence.

Online Compliance

Accuity prides itself on accurate and quick information, and this is no exception with its Online Compliance programming. Powered through LexisNexis WorldCompliance, this feature allows users access to data related to sanctions and politically exposed persons (PEPs) in a timely manner with the intention to help organizations mitigate and reduce risk.

For the majority of its compliance solutions, Accuity implores a two-click policy that allows users access to the information they need in no more than two clicks of the mouse. Within this feature, organizational users are able to search for single or multiple entries as well as keyword-specific data. This ensures that no issues remain unresolved for a lengthy period of time and provides a greater level of due diligence as it relates to know your customer regulations.

Image source: Pixabay

Global WatchList

The Global WatchList feature through Accuity Compliance solutions offers its users the most comprehensive collection of data from all major sanctioning bodies, law enforcement agencies, and financial regulators on a global scale. Through continuous collection, Accuity is able to provide a vast amount of pertinent information to its users, ultimately improving anti-money laundering screening processes. Global WatchList is comprised of the following enhanced data collections:

  • PEP Lists – consists of over 1.3 million entities in 240 countries and territories
  • Regulatory Lists – compilation of more than 40 regulatory screening lists from international sources
  • Enhanced Due Diligence Lists – collection of over 900 enforcement and 20,000 media sources internationally
  • Dual-Use Controlled Goods Lists – modeled after the European Union’s export controlled items


Benefits of Accuity Compliance Software Solutions and Tools

  • Inclusive Programming – Each portion of Accuity’s compliance solutions includes the tools necessary to remain up-to-date and within regulatory guidelines. Users can expect information directly related to policy establishment, internal control mechanisms, employee training, and extensive transaction monitoring to be included in each compliance solution.
  • Up-to-date compliance – Each program through Accuity is specifically designed to address the concerns surrounding a specific compliance issue, including AML, CFT, and Anti-Corruption Compliance. The company’s relationship with Bankers Almanac allows for the most up-to-date information as it relates to caution lists, as well as regulatory guidelines and requirements.
  • Risk-based approach – Accelus is customizable, making the software most useful where the organization deems necessary. The need to reduce risk is focused based on the user organization’s needs, which saves both time and money in the long run.
  • Auditable proof of due diligence – Reports are produced as needed or requested by the user organization, which provide a detailed overview of risk mitigation efforts implored. Organizations can rest assured this requirement is met for both regulators and auditors.
  • Advanced customization – Accuity offers customized products to its users, including the ability to have its software working with or without internal systems already in place within the organization. Additionally, processes can be automated as necessary and prioritized based on level of risk and organizational objectives.


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