Accuity, working closely with R3, has developed a solution that enables financial crime screening of customers and transactions on Corda.
The new solution allows financial institutions to keep up with financial crime compliance programmes, such as the EU Fourth Anti Money Laundering Directive, the USA PATRIOT Act, the US Treasury’s Office of Foreign Assets Control and the MAS Notice 626.
Hugh Jones, president and CEO of Accuity, said: “Enabling regulatory compliance is absolutely essential for this new technology to progress from proof of concept to production systems.”
“We are now looking at working with our customers to pilot this solution for a number of other use cases such as KYC, payments and trade finance compliance.”
Todd McDonald, co-founder and head of partnerships at R3, added: “R3 has developed Corda to enable a safe and efficient distributed ecosystem for financial services to guarantee a consistent, accurate, auditable, reportable record.”