LONDON & EVANSTON, Ill. & SINGAPORE, Sept 4 (Bernama-BUSINESS WIRE) — Accuity, the leading provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, and Chartis Research, the leading provider of research and analysis on risk technology markets, announced results of a study that revealed 66% of financial institutions face the significant challenge of achieving low false positive rates, putting unnecessary burden on their compliance departments and creating inefficiencies in their financial crime screening processes.
The study, ‘Benchmarking and Trends in Financial Crime Compliance Screening,’ found that financial institutions unanimously agreed that improving accuracy outweighed speed as transaction volumes keep increasing (almost 20% report screening over one million individual transactions each month) along with the high price of regulatory fines. This has pushed organisations to focus more on fine-tuning their systems to better guarantee compliance while reducing exposure to risk.
