Accenture has launched a new service to assist financial institutions in preventing financial crime and adhering to regulations.

The compliance-as-a-service (CaaS) offering utilises Accenture’s human-machine operating engine SynOps.

The SynOps technology combines data, applied intelligence and digital technologies to enable financial institutions to comply with changing regulatory requirements.

Financial institutions can use the CaaS offering to verify customer identities and their suitability, thereby strengthening their KYC processes.

It can also be used to identify high-risk customers to comply with AML norms.

Moreover, the users can leverage the offering for compliance and controls testing along with governance, analytics and continuous reporting.

Accenture Operations CaaS offering lead Bob Bradley said: “Today’s compliance officers need to be agile and transform from reactive to strategic in an increasingly complex environment.

“Although the cost of compliance continues to rise, compliance budgets remain stagnant.

“By moving compliance-related functions to a flexible operating model, our comprehensive offering will enable clients to manage risk with efficiency and speed, freeing them up to focus on higher value-added opportunities as part of their journey to intelligent operations.”

Accenture is a professional services company that serves clients in more than 120 countries.

In February this year, Accenture expanded the geographical scope of its partnership with cloud banking services provider nCino.  The expansion will help them to deploy cloud-based digital banking platform for clients in Asia-Pacific and EMEA regions.