AcuityTec Expands KYC and Compliance AML Data With ComplyAdvantage
MONTREAL, January 31, 2024 (Newswire.com) - AcuityTec, a KYC and fraud prevention provider, announces a significant enhancement to its data hub through the integration with ComplyAdvantage, an AI-driven sanctions screening and monitoring software leader. This strategic integration marks a pivotal advancement in AcuityTec's commitment to providing best-in-class Anti-Money Laundering (AML) screening to businesses navigating the complexities of regulatory compliance.
In our online economy, businesses face the formidable challenge of strengthening their global fraud defenses while remaining agile against ever-evolving local and international regulatory landscapes. In 2022, credit and financial institutions were fined almost USD 5bn for anti-money laundering (AML) issues, sanction breaches and deficiencies in their know-your-customer (KYC) systems. As a result, 70% of corporate risk and compliance professionals say they have noticed a shift from check-the-box compliance to a more strategic approach.
Online entities require dynamic and automated access to real-time global KYC and AML data to attain the highest level of precision in risk assessment. The partnership between AcuityTec and ComplyAdvantage is pivotal for businesses striving to navigate compliance intricacies effectively and defend themselves against financial crime.
ComplyAdvantage's watchlist data is renowned for its quality, undergoing meticulous manual quality checks by domain expert researchers and trusted by over 100 partners in our global compliance ecosystem. Alfredo Solis, Managing Director at AcuityTec, comments, "The unmatched speed of live updates to our sanctions data, powered by ComplyAdvantage, keeps our clients at the forefront of their regulatory requirements. Dynamic and interlinked datasets enable instant customer screening against the world's most trusted sanctions, watchlists, PEPs and warning lists with real-time alert notifications and multi-faceted risk scoring for rapid and informed decision-making."
AcuityTec and ComplyAdvantage share a unified vision, aiming to harness the power of data-driven technologies and automation to streamline risk mitigation and bolster compliance adherence. Through AcuityTec's single API, businesses gain seamless access to a comprehensive suite of KYC, KYB and compliance data, coupled with proprietary adaptive risk analysis and fraud defense technology. Additionally, it offers tailored data workflows and simplified management of customer profiles, whitelists, negative databases, real-time transaction monitoring, suspicious activity detection, and swift generation of suspicious case reports for immediate submission to regulatory authorities. Businesses gain access to a streamlined, user-friendly, and cost-effective solution, ready to support them in adapting to evolving regulatory environments seamlessly.
"Our partnership with ComplyAdvantage is more than just an integration; it's a strategic alignment of our vision to provide the most advanced data-driven compliance solution in the market with best-in-class data performance, results and coverage," emphasizes Solis. "At AcuityTec, we're committed to staying ahead of the curve and remaining a trusted partner for businesses worldwide with the most effective tools to automate risk screening, global fraud prevention and regulatory adherence."