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.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 