The First MicroFinance Bank, Afghanistan (FMFB-A) a leading bank & microfinance services provider has selected Accuity, the leading provider of financial crime compliance, payments and know-your-customer (KYC) solutions for regulatory compliance screening of its customer accounts and cross-border transactions. FMFB-A has adopted the Accuity Firco Compliance Link data enabled screening solution to help meet the high standards of regulatory compliance stipulated by the Central Bank of Afghanistan and global best practices.
In addition to regulatory compliance, Accuity will also help FMFB-A enhance the performance of its compliance screening operations by eliminating manual procedures and speeding up the end-to-end screening process with its automated regulatory list updates and real time screening of transactions and accounts. Accuity’s innovative data enabled technology and flexible configuration is expected to help FMFB-A reduce the turn around time of its screening process by 60%.
Frank van der Poll, The First MicroFinance Bank, Afghanistan (FMFB-A) Chief Executive Officer, 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. We chose the Accuity Firco Compliance Link solution because it was best suited our requirements, given its flexibility, ease of use, real-time screening and ability to integrate systems efficiently. We expect to save 60% of our operational hours thanks to this solution and look forward to a more efficient and transparent way of banking with our clients.”
Sean Norris, Accuity Managing Director Asia-Pacific, said: “We look forward to welcoming The First MicroFinance Bank Afghanistan into the Accuity customer community. 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.”
Founded in 2004, The First MicroFinance Bank, Afghanistan is part of the Aga Khan Agency for Microfinance (AKAM), which has programmes in over 10 countries throughout the developing world. FMFB-A's vision is to be recognized as the leading microfinance services provider contributing to poverty alleviation and economic development through the provision of sustainable financial services primarily targeting micro/small businesses and households. The bank provides credit and deposit products to a wide range of clients including micro, small and medium enterprises along with commercial banking and international remittance services. The bank is also a member of the Global Alliance for Banking on Values (GABV) - an independent network of banks using finance to deliver sustainable economic, social and environmental development. Our values-based banking agenda focuses on providing affordable financial services that promote entrepreneurship, agriculture, incremental housing and clean energy in Afghanistan.
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, our portfolio delivers protection for individual and organisational reputations.
Part of RELX Group, a world-leading 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.
Firco Compliance Link is an end-to-end financial crime compliance solution that streamlines account and payments screening processes. Its flexible platform, unrivalled connectivity, best-in-class data and user-friendly interface make it a one-stop solution for organisations across a variety of sectors. The Accuity Firco Compliance Link solution won the award for Best Compliance Solution in the 2016 Asian Private Banker Technology Awards.