Accuity has launched its enhanced dual-use goods screening capability. This sophisticated screening engine intelligently differentiates between goods that could have civil and military purposes. A unique solution, it enhances standard regulation lists with additional synonyms and data points to increase the chance of catching high-risk goods, however they are described and ultimately prevent those goods being used in terrorist or rogue state activity.
Generic language in trade documents, incomplete information and technical/trade terms currently make detecting irregular trades against official sanctions lists difficult. While criminals and terrorists often seek to disguise illicit transactions in the complex paperwork that underpins the US$7.6 trillion trade finance industry.
Fully integrated into Accuity’s market leading Firco Compliance Link solution (formerly Compliance Link), the dual-use and controlled goods screening capability responds to the growing regulatory pressure for banks to intensify their efforts to fight financial crime and money laundering.
Heather Lee, Accuity’s Trade Compliance Product Lead, said: “Compliance teams often dedicate significant resources to investigating false alarms and risk missing potentially illicit activity, while legitimate transactions may be delayed or simply become uneconomic. Our solution brings together proprietary data, on-the-ground intelligence and regulatory expertise to give a comprehensive single view of risk in real time”.
The solution marks a move away from the traditional checklist-based or human experience approach to identifying high risk goods in trade. It offers a more consistent and accurate approach, automatically incorporating decisions made and records for audit.
An early adopter of Accuity’s dual-use and controlled goods screening capability, Sam Moonen, COO Trade and Commodity Finance, Rabobank International, said: “Firco Compliance Link makes carrying out our due diligence checks on trades so much easier and simpler for all involved. With the solution we mitigate the risk of making a mistake and realise more efficiency so everyone can focus on the real issues on the table.”