London
05 June 2017
Reporter: Stephanie Palmer

Accuity wins Afghan screening mandate


The First MicroFinance Bank, Afghanistan (FMFB-A) has selected Accuity to provide regulatory screening of customer accounts and cross-border transactions.

Accuity’s Firco Compliance Link is a data-enabled screening solution intended to improve compliance screening operations through reducing manual procedures, automating regulatory list updates and allowing for faster screening of transactions and accounts.

The mandate is intended to help FMFB-A meet the standard of regulatory compliance set by the Central Bank of Afghanistan, as well as global best practices.

According to Accuity, the technology and flexible configuration of the solution mean that FMFB-A could reduce the turnaround time of its screening process by as much as 60 percent.

Frank van der Poll, CEO of FMFB-A, said: “As a leading bank in Afghanistan providing sustainable financial services, we have a commitment to ensure high standards of regulatory compliance to both the regulator and our clients.”

“To help us meet these compliance requirements and improve the performance of our compliance operations, we decided to take a proactive approach to enhancing our financial crime screening solutions.”

Sean Norris, Accuity’s managing director for the Asia Pacific region, said: “FMFB-A is committed to using finance in innovative ways to promote economic development and from our own research into financial inclusion we understand the challenges of the current environment. We look forward to helping FMFB-A meet its regulatory compliance obligations at the same time as improving the performance of the bank’s compliance operations.”

More regulation news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Aquis launches SI hub for MiFID II compliance
17 January 2018 | London | Reporter: Jenna Lomax
Aquis Technologies has launched a connectivity hub to meet with the new MiFID II stipulations
AQ Metrics authorised as ARM by Central Bank of Ireland
08 January 2018 | Dublin | Reporter: Jenna Lomax
The Central Bank of Ireland has authorised AQ Metrics as an approved reporting mechanism
Industry participants react to MiFID II
05 January 2018 | London | Reporter: Jenna Lomax
After MiFID II went live two days ago (3 January), industry participants share their views about what it actually means for the industry going forward
MiFID II goes live
03 January 2018 | London | Reporter: Becky Butcher
The second Markets in Financial Instruments Directive (MiFID II) has now become effective as a part of EU legislation
ESMA delays LEI requirements for MiFID II
22 December 2017 | Paris | Reporter: Becky Butcher
The European Markets and Securities Authority (ESMA) has issued a delay to the enforcement of the LEI requirements for the MiFID II
EFAMA welcomes EC proposal
21 December 2017 | Brussels | Reporter: Becky Butcher
EFAMA has welcomed the European Commission’s proposal for a directive and regulation to establish a self-standing prudential regime for investment firms
Euronext’s ARM and APA approved
14 December 2017 | Paris | Reporter: Stephanie Palmer
Euronext has been approved by the French regulator to provide approved publication arrangement and approved reporting mechanism services to investment firms in Europe, under MiFID II
More regulation news