FinTech picks Accurity to identify financial crime during onboarding

Payments solution company Lemon Way has chosen Accurity to streamline its financial crime compliance process.

Accuity, the provider of financial crime compliance, payments and counterparty know-your-customer (KYC) solutions, will help the FinTech more efficiently identify financial crime and flag potentially high-risk customers

Lemon Way will implement Firco Compliance Link, which will enable the business to streamline its financial crime compliance screening, improving transparency, auditability and efficiency during the onboarding of new customers.

Patrick Hinchin, vice president of product & strategy at Accuity, said: “Regulators are increasingly asking financial institutions and designated non-financial businesses and professions to provide clear audit trails and decision making evidence, demonstrating they have performed appropriate levels of due diligence when accepting new customers.

“From our experience of working with FinTechs and payment services providers (PSPs) we know that this is challenging fast-paced businesses like Lemon Way to move away from manually fulfilling their regulatory obligations, to implementing technology which can automate the process and efficiently alert compliance officers to areas of potential risk.”

Today banks, non-banking financial institutions (NBFIs) and corporates face increasing compliance requirements, with regulators asking for clear audit trails to show transparency of decision making evidence. Failure to implement robust due diligence checks means they will face reputational damage and/or huge fines.

To help these challenges, Accurity provides Firco Compliance Link, an automated solution that provides a consolidated view of all account, transaction and trade activity. It can be configured to suit individual risk appetite, help reduce false positives and prioritise review time by notifying users when there are potential matches to review. The company said the solution allows customers to comply with screening and regulatory requirements by providing a complete audit trail of all screening operations.

Accurity’s risk and compliance solution provides counterparty KYC, sanctions, PEP, and screening data, account screening, transaction screening, trade compliance screening, and US securities industry compliance.

Antoine Orsini, Lemon Way CEO, said: “At Lemon Way we take our responsibility to fight money laundering, fraud and the financing of terrorism very seriously. As we continue to expand our customer base, enabling businesses worldwide to send payments on new e-commerce sites, it is essential that our onboarding process verifies the legitimacy of our accounts and protects our customers. Having assessed the market to find the most suitable financial crime compliance solution, we decided that Accuity’s proven technology and innovative culture was a great match for our business.”

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