First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, is going to use Accuity’s Fircosoft data and technology solutions to strengthen its transaction, customer and third-party screening processes.
The banking industry is experiencing unprecedented levels of change driven by three factors: relentless expansion of international regulation to combat financial crime and prevent the funding of terrorism; technology and regulatory-based disruption; and customer demand for faster processing of payments.
FAB is setting the standard for financial crime compliance in the Middle East by using Fircosoft’s renowned solutions. The Fircosoft portfolio of data-enabled technology solutions, delivered through a consultative partnership, provides versatile resources that help control risk, increase efficiency and meet regulatory requirements.
FAB’s compliance screening processes will become more efficient, meet the highest compliance standards and ultimately provide greater confidence to its many stakeholders.
Hugh Jones, President and CEO of Accuity, said: “I am thrilled to announce that Accuity has been selected by First Abu Dhabi Bank. Our Fircosoft account and transaction screening platform combines an industry standard filter and developments in machine learning, together with our data that has been optimised to run on the platform. This helps our clients understand and manage their risk exposure and meet regulatory requirements.”
Arif Shaikh, Group Chief Risk Officer said: “As the largest bank in the country, and a leading bank worldwide, it is essential for us to ensure that we have robust measures in place to maintain the level of trust we have with our customers, stakeholders and the wider community.”
He added: “The Fircosoft solution from Accuity provides us with a robust platform to ensure financial crime compliance is not only managed efficiently, but that it makes FAB stronger, today and in the future. We can continue to help our customers; shareholders, employees and communities grow, with added confidence that we have a best in class screening solution to support our efforts in managing financial crime compliance.”
Accuity provides data to over 15,000 customers in 165 countries, including 94 of the 100 largest banks globally. Fircosoft is Accuity’s compliance screening brand and provides solutions and services to over 800 customers in 85 countries, including nine of the world’s largest ten financial institutions.
Daniel Black, Regional Manager MENA, Accuity, added: “It’s great to be working with First Abu Dhabi Bank who really are leading the industry in terms of financial crime compliance. As FAB’s customer base expands across all key markets in the region, Accuity will scale to support this growth and continue to ensure FAB is meeting the very highest standards for screening compliance.”