The move offers regulatory sanctions and other compliance data covering people (PEPS), companies, vessels, goods, countries and payment information.
Aktia Bank sought for a data provider that could provide accurate data into its new core banking system in the correct format, allowing it to easily manage updates and reduce risk exposure.
The implementation of Accuity’s compliance data set will allow Aktia Bank to take a proactive approach to regulatory AML compliance, and make sure that high risk entities are noticed to its systems.
The solution reduces the workload by identifying risks systematically, allowing the bank’s team to concentrate on other areas.
Aktia Bank director of payment services Niklas Lemberg said: "The increasing use of smartphones and mobile devices, decreasing use of retail bank branches, as well as rising expectations of customer service are some of the ways in which our customers’ behaviour is shifting.
"We have decided to proactively improve our compliance screening systems and processes to ensure we can respond to the increasing pace of modern banking."
Aktia Bank operates in Finland, mainly in coastal areas, in the Helsinki region, and in inland growth areas. It has about 350,000 customers who are served via 50 branch offices.
