Technology review 2010: Minimizing reputational risk
Although central banks around the world require all cash management banks to have anti-money laundering programmes in place and companies have traditionally relied on the banks to protect them from trading with potentially illegal counter-party organizations, some are now beginning to use specialist anti-money-laundering service suppliers direct.
Accuity, which has been providing anti-money-laundering services to banks for more than 20 years, is now providing them to a growing list of companies. Using its Global WatchList data assembled from a variety of sources, including sanctions data, enhanced due diligence (EDD) and politically exposed persons (PEP) data, Accuity’s anti-money-laundering services enable companies to avoid trading with potentially illicit organizations, damaging fines and adverse publicity, as shown in Figure 3.
Figure 3 - Anti-money laundering services data collection flows and usage
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Due to the proliferation of money laundering Accuity has recently added new data lists to its files and increased the update frequency for its PEP and EDD data.