Nanyang Commercial Bank (NCB) has selected Accuity, a provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, and Lyodssoft, its implementation partner, to enhance the bank’s financial crime compliance screening capability.
This will allow NCB to easier adhere to the regulatory requirements set by the Hong Kong Monetary Authority (HKMA).
The rapidly changing regulatory environment, increased scrutiny of regulators and auditors and high complexity of compliance operations have increased NCB’s need for visibility, efficiency and control over the full process of financial crime screening. NCB will be implementing Firco Continuity for transaction screening and Firco Trust for account screening, within the bank’s Corporate Trading Companies arm in Hong Kong.
“We needed a more comprehensive solution to enhance our due diligence process, so that our business units could improve efficiency, while adapting to the increasingly complex regulatory environment. Leveraging the Accuity financial crime compliance screening solutions will enable us to streamline our process, and ensure we are protected from potential risks,” says Oskar Lau, head of the Requirement Management Division, Information Technology Department at NCB.
The implementation of Firco Continuity will equip NCB with a robust system that screens transactions against a range of sanctions and regulatory watchlists in real time. NCB will configure the system according to its unique risk profile, therefore reducing false positive matches, enabling faster straight through processing (STP), and keeping the cost of compliance to a minimum.
To complement this new transaction screening solution, the implementation of Firco Trust for account screening will enable NCB to conduct due diligence on its customer accounts more effectively. The system will screen both new and existing customers to flag potential risks, such as sanctions, politically exposed persons (PEPs), and negative news.
“As regulators, such as the HKMA, act proactively to stamp out financial crime and raise compliance standards across the region, a growing number of banks and financial institutions are placing their trust in our solutions. As organisations like NCB implement screening systems and controls, they can better adapt to their individual risk appetite and the latest regulations,” says Franck Lanher, vice president of partnerships at Accuity.
The Accuity solutions will be implemented locally by Lyodssoft, an Accuity partner based in Hong Kong.