Hong Kong based ZA Bank announced that it has selected Accuity, provider of financial crime screening, payments and counterparty know your customer (KYC) solutions.
The virtual bank has implemented Accuity’s screening solution to improve customer experiences, and at the same time, meet domestic and international regulatory requirements.
Accuity’s Firco solution operationalises three key steps: automated alert detection, reduction of false positive alerts, and prioritisation of high-risk alerts. This allows ZA Bank to generate an electronic audit trail that acts as retrospective proof of the bank’s compliance policies in action, for sharing with auditors and regulators.
Under Hong Kong’s regulatory and supervisory framework, a bank must regularly demonstrate that it has a robust risk and compliance screening system in place to screen and alert the bank regarding individuals who could be engaged in financial crime, associated with sanctioned regions or entities, or are politically exposed persons (PEPs), to prevent them from using the bank as a conduit for illicit activities.
Bharath Vellore, Managing Director, Asia Pacific, Accuity, said,
Bharath Vellore
“The competitive edge for digital banks is primarily through customer experience and lower operational costs. Accuity is proud to be supporting ZA Bank’s innovative business model, as well as Hong Kong’s advancement into the era of smart banking. The success of this implementation is a strong validation of our reliable and flexible solutions to constantly address new industry needs and standards, such as extensive due diligence, preventing financial crime, and enabling fast, scalable, and frictionless user experiences.”
Featured image credit: ZA Bank Facebook Page
