The First MicroFinance Bank, Afghanistan (FMFB-A) a leading bank & microfinance services provider has selected Accuity, the leading provider of financial crime compliance, payments and know-your-customer (KYC) solutions for regulatory compliance screening of its customer accounts and cross-border transactions. FMFB-A has adopted the Accuity Firco Compliance Link data enabled screening solution to help meet the high standards of regulatory compliance stipulated by the Central Bank of Afghanistan and global best practices.
In addition to regulatory compliance, Accuity will also help FMFB-A enhance the performance of its compliance screening operations by eliminating manual procedures and speeding up the end-to-end screening process with its automated regulatory list updates and real time screening of transactions and accounts. Accuity’s innovative data enabled technology and flexible configuration is expected to help FMFB-A reduce the turn around time of its screening process by 60%.
Frank van der Poll, The First MicroFinance Bank, Afghanistan (FMFB-A) Chief Executive
Officer, said: “As a leading bank in Afghanistan providing sustainable financial services, we have a commitment to ensure high standards of regulatory compliance to both the regulator and our clients. To help us meet these compliance requirements and improve the performance of our compliance operations, we decided to take a proactive approach to enhancing our financial crime screening solutions. We chose the Accuity Firco Compliance Link solution because it was best suited our requirements, given its flexibility, ease of use, real-time screening and ability to integrate systems efficiently. We expect to save 60% of our operational hours thanks to this solution and look forward to a more efficient and transparent way of banking with our clients.”
Sean Norris, Accuity Managing Director Asia-Pacific, said: “We look forward to welcoming The First MicroFinance Bank Afghanistan into the Accuity customer community. FMFB-A is committed to using finance in innovative ways to promote economic development and from our own research into financial inclusion we understand the challenges of the current environment. We look forward to helping FMFB-A meet its regulatory compliance obligations at the same time as improving the performance of the bank’s compliance operations.”