The partnership with Kharon aims to help organizations address the scope of sanctions needs while tempering compliance costs, preparing for regulatory scrutiny, and avoiding penalties.
FREMONT, CA: Kharon, the research and data analytics company focused on security threats and other controversies that affect global commerce and finance, and Accuity, the pioneering global provider of financial crime screening, payment services, and Know Your Customer solutions, partners to enable firms to better manage sanctions-related risk in their customer and transaction screening functions.
With this collaboration, Kharon sanctions-related risk data can now be utilized with the Firco suite of financial crime screening solutions from Accuity. Firco users can use Kharon data to add increased depth to sanctions-related risk coverage, including majority-owned subsidiaries of sanctioned actors, minority-owned subsidiaries of sanctioned actors, entities controlled or headed by sanctioned actors, and other risk typologies. This combination seeks to enhance screening accuracy and seamlessly adjust to particular risk policies.
According to the most recently released Accuity Sanctions Pulse, the global economic sanctions landscape was especially active during the third quarter of 2020 as regulators continued to impose sanctions across several problems. Screening against majority-owned subsidiaries of the Office of Foreign Assets Control (OFAC), European Union, and United Nations-sanctioned firms have increasingly become industry standard. Still, the steady expansion of firms and individuals placed on sanctions lists has made it increasingly essential to keep pace with the changes and make the needed adjustments to data and systems.
The potential to efficiently and effectively screen customers, commercial partners, and transactions for sanctions-related risk is vital in any control framework. The company is extremely pleased that by partnering with Accuity, customers can better manage operations and risk management hurdles that will offer cost savings and regulatory assurance. Sanctions compliance practitioners require fast access to accurate data and sophisticated screening technology to manage their compliance programs.