Just in:
No running of govt from jail, says Delhi Lt Governor // German Job Market Resilience Bodes Well for Economic Recovery // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Emirati Aid Reaches Ukraine as Food Shortages Bite // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Emirates Post Speeds Up Deliveries for GCC with Special Day // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Global Audience to Witness Thrill of Dubai World Cup // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Renewables Surge Sets Record, But Global Equity Lags // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange //
HomeAsian News by Media-OutreachAccuity Helps Leading Banks in Pakistan Stay Ahead of Global Regulatory Requirements

Accuity Helps Leading Banks in Pakistan Stay Ahead of Global Regulatory Requirements

Financial crime compliance solutions ensure that local banks can fight AML/CFT threats in real-time and better support economic growth

 

ISLAMABAD, PAKISTAN / SINGAPORE – Media OutReach – 7 July 2020 – Accuity, the leading provider of financial crime screening, payment services, and counterparty know-your-customer (KYC) solutions, today announced how leading banks across Pakistan, including HabibMetro Bank, Sindh Bank Limited, and Askari Bank Limited, are using Accuity solutions to meet ever increasing regulatory requirements. Having supported more than 40% of Pakistan’s banking and financial services institutions over the past decade, Accuity continues to work closely to enhance the sector’s ability to meet their local and international Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) obligations.

ADVERTISEMENT

Pakistan has been making progress in meeting the Financial Action Task Force (FATF) 27-point compliance requirements. By meeting this global standard, Pakistan aims to strengthen its fight against money laundering and terrorist financing and at the same time boost its economy by positioning itself as a regional financial and exports hub.

Accuity has helped contribute to the efforts of the Pakistan government and State Bank of Pakistan to establish a strong system to combat money laundering and terrorist financing,” said Bharath Vellore, Managing Director, Asia Pacific, Accuity. “With our best-in-class financial crime screening and compliance solutions, our customers in Pakistan across banking, microfinance and insurance are confidently offering financial products and services to meet the levels of compliance required by global, regional and local regulators  They are now in a better position to accelerate cross-border trade volumes, enable remittances from its large diaspora, drive financial inclusion, and provide small and medium enterprise credit.”


Establishing Global Banking Relationships to Serve the World’s Seventh Largest Diaspora

ADVERTISEMENT


HabibMetro Bank is a subsidiary of Habib Bank AG Zurich (HBZ) — a Swiss multinational bank with operations in nine countries. Due to its international presence and multiple correspondent banking relations, HabibMetro must perform due diligence on its correspondent banks in a timely manner, as per the guidelines from FATF and the Wolfsberg Group.

To do so, HabibMetro uses the Bankers Almanac solution from Accuity, including the Due Diligence module, to conduct KYC due diligence checks when increasing its correspondent banking footprint in other geographies. Bankers Almanac provides a single and consistent source of truth for information on over 21,500 banks, providing supporting documentation for due diligence checks, and allowing the Bank to more effectively manage its financial counterparty KYC and mitigate any associated risks.

“Bankers Almanac helps HabibMetro to comprehensively manage our periodic financial counterparty reviews and onboard new financial counterparties more efficiently, with the click of a button,” said Farooq Ahsanuddin, Head of Financial Institutions & Remittances at Habib Metropolitan Bank. “These capabilities allow us to increase the productivity of our financial services team and streamline our banking operations, while delivering unparalleled service to our customers worldwide.”

Real Time Screening Capabilities to Meet Compliance Mandates and Drive Financial Inclusion

Sindh Bank Limited is a government-owned Pakistani scheduled bank with 330 branches in 169 cities nationwide. To effectively manage its AML and CFT compliance checks, identify politically exposed persons (PEP), and deter proscribed persons from engaging in illicit financial activities, the bank adopted Firco Compliance Link and Firco Global WatchList® solutions to demonstrate enhanced screening capabilities and processes to local regulators. It is also using Bankers Almanac to provide supporting documentation for due diligence checks.

“The bank’s ability to have a consolidated view of all accounts and transactions activities, conduct on-going and automated screening, coupled with comprehensive audit trails to the regulators, is fundamental in ensuring that our branch network both meets compliance mandates and promotes economic development,” said Mr. Imran Samad, President and CEO of Sindh Bank Limited. “We have chosen to partner with Accuity for its sophisticated, intelligent and automated approach, speeding up operations and improving our services to our valued customers. This in turn gives us more capacity to innovate and help drive financial inclusion.”

Setting Strong Controls on Exports with an Advanced Trade Compliance Solution


Askari Bank Limited is a commercial and retail bank in Pakistan that implemented Firco Compliance Link in 2018 to manage risks related to trade-based money laundering and terrorist financing. This solution brings together proprietary data, on-ground intelligence, and regulatory compliance expertise that allows the bank to centralize its screening processes against trade transactions involving sanctioned individuals, entities, vessels, ports, and dual-use and controlled goods (DUG).

“By offering an enterprise-wide, single screening solution, Accuity is covering seven different applications of the bank that are mostly integrated for the purpose of performing real-time screening for accounts, payments and trade transactions. Accuity is able to meet all our compliance and business requirements, thereby safeguarding the bank from any regulatory or reputational risks,” said Mr. Ali Raza Zaidi, Chief Compliance Officer, Askari Bank Limited. “This allows Askari Bank Limited to maintain our position as the local standard bearer in proactively meeting the highest trade compliance requirements, while ensuring innovation.”

More information on the Accuity portfolio of financial crime screening and payment services solutions can be found here: https://accuity.com/what-we-do/overview

About Accuity:

Accuity 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, the Accuity portfolio delivers protection for individual and organisational reputations.

Part of RELX, a global 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.

ADVERTISEMENT

ADVERTISEMENT
Just in:
Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Emirati Aid Reaches Ukraine as Food Shortages Bite // Universal Language for Healthcare: General Authority Embraces Global Coding System // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Ingdan Announces 2023 Annual Results // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Renewables Surge Sets Record, But Global Equity Lags // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Emirates Post Speeds Up Deliveries for GCC with Special Day // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Hope for Respite as UAE Endorses UN Plea for Gaza Truce //