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The Account Screening Challenge

The importance of quality data

Accurate screening starts with high-quality, properly formatted data that is optimised for scanning. Our fully automated data filtering is designed to recognise spelling irregularities, syntax errors, missing fields, extraneous information and other anomalies that undermine database integrity and trigger a flood of alerts.

List Management Service

The List Management Service in Firco Screening Insight – for accounts provides a manageable, operationally effective solution that facilitates data filtering. Data is automatically downloaded, monitored for updates, and validated each day to ensure current, accurate information prior to scanning.

• Fully automated for improved operational efficiency

• Quality assurance and validation checks

• Fast processing of OFAC and sanctions changes

• Comprehensive archive facilitates look-backs

• Prioritised exposure ranking to identify highest risk

Enhanced dataFirco enhanced data (supported by) WorldCompliance™ securely delivers current and continuously updated screening data to support critical operations. The extensive identity database, which encompasses over four million profiles of individuals and companies, offers insight that reflects the most recent global realities to help organisations more accurately identify risk, improve operational efficiency and minimise costs.

Firco Automated Alert Reduction

Firco Screening Insight – for accounts includes Firco Automated Alert Reduction, an analytics engine for advanced detection.

Using artificial intelligence (AI) techniques to explore patterns of interaction, uncover non-obvious relationships and flag anomalies, Firco Automated Alert Reduction applies the Strength Index (SI) and Exposure Index (EI) to identify the highest-risk, most relevant alerts. By prioritising alerts by probability of match and severity of risk, Firco Automated Alert Reduction delivers significant improvements in false positive hit rates and mitigates risk.

Using the Strength Index (SI) and Exposure Index (EI), Firco Automate Alert Reduction will rank and score true and probable matches by severity to provide a clear view of the most impactful potential risk to your organisation.

Data visualisation and reporting further support the identification of sanctions, PEPs, REPS and other high-risk accounts in your customer database.

Connect to the most recent global risk insights

Validating customer databases against sanction lists, Politically Exposed Persons (PEPs), Reputationally Exposed Persons (REPs) and other lists can generate hundreds of thousands of alerts. Manually assessing each alert to determine accuracy, quality, potential risk, and whether or not further investigation is required, can significantly drain compliance resources.

Meet the account screening challenge with Firco Screening Insight – for accounts. A feature-rich solution, Firco Screening Insight – for accounts combines filtering intelligence with high-performance processing and risk scoring capabilities to improve screening accuracy, eliminate alert overload and increase operational efficiency.

Identify and prioritise risk with Firco Screening Insight – for accounts

Firco enhanced data (supported by)

WorldCompliance™

• Sanctions Lists• Sanctions Associated Entities• Enforcement Actions• Politically Exposed Persons (PEPs)• State Owned Enterprises• Reputationally Exposed

Persons (REPs)

• Marijuana Registered Businesses • Registrations Data• FATCA Foreign

Financial Institutions• Money Services Businesses• IHS Registered Vessels

Data categories

Strength Index (SI)

An alert scoring and prioritisation framework that helps answer the question, “What is the probability that this is a true match?”

To determine the likelihood that any two records refer to the same person or entity, SI considers various factors and data points, such as name frequency, date of birth, nationality and other information.

Exposure Index (EI)

The Accuity patented methodology for ranking the relative political and criminal exposure of individuals and entities in reference databases. EI offers a precise and auditable solution that enables you to identify high-risk entities.

BenefitsThe benefits of enhanced screening with Firco Screening Insight – for accounts include:

Refined alert accuracy Identify high-risk matches with confidence, discard non-matches, and present a manageable number of alerts for adjudication.

• Proactively identify the highest risk first

• Improve accuracy and relevance of matches

• Increase operational efficiency and resource optimisation

• Gain a competitive edge using AI and other advanced technologies

Streamlined workflow Manage your operation with highly customisable workflows to optimise resources. Group and assign alerts based on list requirements, lines of business, and geographical jurisdictions.

Audit and control View a full audit trail of updates, records, alerts, and user actions for a complete history of activity and improved data oversight.

• Validate and tune your models’ effectiveness based on your organisation’s risk appetite

• Gain greater insight with data visualisation

• Improve traceability and transparency to meet management and regulatory requirements

Firco enhanced process for account screening

WorldComplianceTM Data

Customer Data

List Management ServiceExposure Index (EI)• Risk ranking• Data optimisation• Human data

quality review

Formatting/Analysis• Frequency

& link analysis• Field level

Reporting & Monitoring• Data visualisation• Audit & mgmt. control • Link & news monitoring • Workflow

Decision & Governance• Investigate• Remediate• Dismiss

Record Comparison• Fuzzy name matching• Textual similarity• Algorithms & exceptions

Firco Automated Alert Reduction• Prioritise alerts• Calculate probability

& assess severity (SI/EI)• Apply thresholds to

reduce false positives• Principles-based

Non Matches

Matches

PotentialMatches(Review)

ImmediatelyActionableMatches

BelowThreshold Matches

To learn more about Firco Screening Insight – for accounts and the full Fircosoft portfolio of financial crime screening solutions, visit www.accuity.com/fircosoft.

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About AccuityAccuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.

Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.

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