Accuity launches trade finance risk screening engine
The software can be used to detect potentially high-risk goods by identifying those that could have civil and military purposes.
The software can be used to detect potentially high-risk goods by identifying those that could have civil and military purposes.
Compliance software specialist Accuity has launched its enhanced dual-use goods screening capability, described as a “sophisticated screening engine intelligently differentiates between goods that could have civil and military purposes.” By enhancing standard regulation lists with additional synonyms and data points it increases the chance of catching high-risk goods, however described, to prevent them being used in terrorist or rogue state activity.
The company notes that generic language in trade documents, incomplete information and technical/trade terms make detecting irregular trades against official sanctions lists difficult. 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 Firco Compliance Link solution (formerly Compliance Link), the dual-use and controlled goods screening capability responds to growing regulatory pressure for banks to intensify their efforts to fight financial crime and money laundering.
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