New due diligence report drives decision-making through comprehensive, accurate and verified data.
BankersAccuity has launched KYC Report, a Know Your Customer (KYC) due diligence solution that provides details on financial counterparties including sanctions data, headline financials, proprietary ownership information, an overview of key anti-money laundering (AML) document availability, board member details and more.
KYC Report gathers information across the entire suite of BankersAccuity solutions, including Bankersalmanac.com, Credit Risk and the Due Diligence Repository. Financial institutions are required to compile extensive information on counterparties as part of their review and on-boarding procedures, but are often faced with two key challenges: freeing up the resources needed to compile the information and ensuring the completeness and accuracy of the data. As a result, says the vendor, these institutions often rely on overqualified internal resources to do this work, leading to higher operational costs.
KYC Report brings together data that encompasses many due diligence needs, including screening against not only the source entity but ownership and key management as well. As a result, banks can share information faster with key stakeholders in legal, AML, and risk and compliance to speed determinations about on-boarding or continuing counterparty relationships. At the same time, customers are assured that the data they are using to drive decision-making processes comes from a trusted single source.
"In this era of heightened risk and regulation, BankersAccuity is committed to providing financial institutions with the tools they need to help them effectively know who they are doing business with and minimize risk," says Hugh Jones, president and CEO of BankersAccuity. "By leveraging the vast resources and innovative technology of Accuity and Bankers Almanac, KYC Report from BankersAccuity allows institutions to limit the potential for fines and reputational damage in an efficient and cost-effective manner."
Dan DeFrancesco makes his return to the podcast to talk about bitcoin futures and why he wanted to start this podcast in the first place.Subscribe to Weekly Wrap emails