by BERNAMA/ pic by TMR FILE
ACCUITY and Chartis Research have reported the results of a study that revealed 66% of financial institutions face the significant challenge of achieving low false positive rates.
The situation has put unnecessary burden on the financial institutions’ compliance departments and creates inefficiencies in their financial crime screening processes, according to a statement.
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 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.
“The only way for institutions to reduce their exposure to risk — while meeting more demanding service levels — is to put in place a comprehensive, best-of-breed compliance solution that is effective, efficient and explainable to regulators,” said
Accuity Product Strategy senior director David Loeser.
Accuity is the leading provider of financial crime compliance, payments and Know Your Customer solutions, while Chartis Research is the leading provider of research and analyses on risk technology markets.