Under Hong Kong’s regulatory and supervisory framework, a bank must regularly demonstrate that it has a robust risk and compliance screening system in place to screen and alert the bank regarding individuals who could be engaged in financial crime, associated with sanctioned regions or entities, or are politically exposed persons (PEPs), to prevent them from using the bank as a conduit for illicit activities.
ZA Bank, one of eight licensed virtual banks in Hong Kong, has implemented Acuity’s screening solution to improve customer experiences, and at the same time, meet domestic and international regulatory requirements.
“By handling growing numbers of customers and transactions with high levels of accuracy, their (Accuity’s) Firco screening solution has not only helped us meet the AML and KYC-related requirements, but it has also played a key role in upholding our dedication to excellence,” added Hsu.
The solution operationalises three key steps: automated alert detection, reduction of false-positive alerts, and prioritization of high-risk alerts.
This allows ZA Bank to generate an electronic audit trail that acts as retrospective proof of the bank’s compliance policies in action, for sharing with auditors and regulators.