New functionality reflects more FCPA enforcement and stronger requirements in new UK Bribery Act.
Accuity, the compliance and anti-money laundering solutions arm of BankersAccuity, has announced a new Anti-Bribery and Corruption Solution to be included as part of its broader ComplianceMax platform.
The move is a reflection of the greater regulatory attention being directed at preventing corporate crime in the financial sector, coming as enforcement of the Foreign Corrupt Practices Act (FCPA) in the US has markedly increased, and with last year's passage of the UK's new Bribery Act.
Accuity says the new solution will provide real-time screening and workflow management, modules for on-boarding and gifts and entertaining compliance, and will integrate updated sanctions and politically exposed persons (PEP) lists provided by WorldCompliance.
"As we've seen from the numerous high-profile FCPA cases over the last few years, firms with lax bribery and corruption controls face significant financial penalties, shareholder lawsuits, reputational damage, stock price drops and even imprisonment for executives and employees. Firms must be responsible for having stringent controls in place to mitigate any potential risk. We have developed the Anti-Bribery and Corruption Solution to help firms establish and enforce their internal policies and controls," says Henry Balani, managing director at Accuity.