New BankersAccuity White Paper Outlines Necessary Steps for Anti-Bribery and AML Screening Improvement
Skokie, IL (PRWEB) July 16, 2013 -- BankersAccuity, the global standard for payment efficiency and compliance solutions, today released a new white paper, “A 360-Degree Spin Around Screening,” outlining six steps to better anti-bribery and anti-money laundering (AML) screening for institutions.
In an era of enhanced scrutiny, larger fines and the ongoing internationalisation of AML and anti-bribery regulations, organisations are facing increased risk and numerous challenges in achieving and maintaining compliance. The paper states that for any organisation, successfully complying with AML and anti-bribery and corruption regulations comes down to two related but separate requirements: information and context. Firms must have both quality information and the appropriate context for the data in order to effectively screen and minimise false positives.
Organisations today are faced with increasing data volumes and mounting false positives, impacting screening efficiency. For example, ineffective screening processes may flag Cuba, New York rather than the country of Cuba – creating unnecessary transaction delays. The BankersAccuity white paper outlines six steps to better screening:
1. Screen separate data separately – Group data so that only like items, such as names, are matched to names to avoid false matches for sanctioned city or vessel names on individuals.
2. Screen only what you must – Use other data types, such as SWIFT data to add further context.
3. Exclude local place names – Domestic place names should be excluded since they are only applicable to country sanctions programmes.
4. Use unscreened data in rules – Supplementary unscreened data such as record type and dates of births can be a powerful tool to exclude matches before the data is run through a match filter or screening rules.
5. Break down SWIFT data – SWIFT data can be used to minimise false positives.
6. Find risk profile-supported patterns – Establish what constitutes a risk-based screening approach to create logical rules that minimise patterns of false matches.
Henry Balani, Managing Director at BankersAccuity’s Risk and Compliance Group, comments, “Institutions today can be quickly overwhelmed with AML screening inefficiencies. Without a proper AML solution, process and training, firms often deal with the mounting number of false positives with manual review, which incurs more resources and paperwork. Organisations must have a 360° screening process in place to comply with increasingly stringent regulations. BankersAccuity works closely with firms around the world to enable them to tackle their anti-bribery and AML challenges, to ensure compliance and maximise efficiency.”
To download a copy of the BankersAccuity white paper on anti-bribery and AML screening, please visit: http://www.bankersaccuity.com/360compliance.
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About Accuity:
Owned by Reed Elsevier, Accuity is part of BankersAccuity, the global standard for payment efficiency and compliance solutions. Accuity is a leading provider of global payment routing data, AML screening data and software and professional services that allow organisations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions. Accuity maintains authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services. For more than 150 years, Accuity’s worldwide clients, located in over 150 countries, have included C-level executives, managers and technology professionals. The solutions and services Accuity provides are packaged in multiple formats to serve their diverse needs.
About BankersAccuity:
Owned by one of the world's leading business to business publishers, Reed Business Information and part of Reed Elsevier, BankersAccuity sets the global standard for payment efficiency and compliance solutions. It includes Bankers Almanac and Accuity, premier data services that have been providing solutions to banks and businesses worldwide for over 175 years.
About Reed Business Information:
Reed Business Information brings leading brands to an audience of millions of decision makers worldwide through its multi- platform media of data services, online lead generation services, community websites, magazines and events.
Binna Kim / Angela Byrne, Cognito, +1 646 395 6304, [email protected]
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