Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

Accenture Introduces Offering to Help Financial Institutions Combat Financial Crime and Comply with Regulations

Posted by fidest press agency su domenica, 24 novembre 2019

Accenture (NYSE: ACN) has introduced a compliance-as-a-service offering to help financial institutions, fintech and technology companies cost-effectively combat financial crime and comply with related regulations.
Navigating the regulations that combat financial crime can be very expensive, and financial institutions have incurred hundreds of millions of dollars in penalties for failing to prevent parties from disguising illegally obtained funds as legitimate income. It is estimated that financial services firms globally will spend 4% of total revenues, on average, on compliance-related activities, with that figure expected to rise to 10% by 2021.Accenture’s compliance-as-a-service (CaaS) offering provides an end-to-end capability that leverages SynOps — Accenture’s human-machine operating “engine” that synergizes data, applied intelligence, digital technologies and exceptional talent — to help financial institutions manage the scope and complexity of the ever-changing regulatory and compliance environment.Designed to serve the compliance departments of banks, insurers, capital markets and other organizations, the CaaS offering —which expands Accenture’s managed service capabilities — delivers a variety of comprehensive managed services, including: Know Your Customer (KYC): Tools and capabilities that help businesses verify the identity of clients and assess their suitability, along with the potential risk of illegal intentions in a business relationship. One large bank using this capability reduced case processing times by 15% and significantly reduced false positives.
Anti-Money Laundering (AML): Intensive measures to enable low- and high-risk customers to comply with AML regulations, including transaction monitoring and alert management. For example, newly fortified AML controls recently helped a large bank achieve quality ratings greater than 95% and eliminate future quality assurance backlogs. Compliance and controls testing, combined with governance, analytics and continuous reporting. Contract lifecycle management, improved by transformational technologies, process and data strategies for London Interbank Offered Rate (LIBOR) contracts. Privacy data management, to ensure data practices keep pace with changing privacy regulations.

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