Accuity has launched Bankers Almanac Sanctions View to assist financial institutions in gaining a complete view of their clients in order to avoid KYC risks.

Bankers Almanac Sanctions View provides financial institutions with ownership data, sanction risks of clients. It uses data of over 23,000 banks obtained from around 50 regulatory authorities.

Almanac’s advanced algorithms use the data to generate a strength score, to represent potent risks involved in dealing with counterparties.

Algorithms help financial institutions to gain deep knowledge on counterparties and discover sanctioned entities in the network. This facility analyses risks to counterparties from a specific source.

Accuity product management senior director Patrick Hinchin said: “In a data-rich age, where business structures are becoming increasingly sophisticated, complex and global, financial institutions are facing an uphill struggle to know who their customers really are and meet their KYC burden.

“The sophisticated algorithms used in the Bankers Almanac Sanctions View simplify and potentially reduce the cost of financial counterparty KYC.

“The move is all part of Accuity’s ongoing mission to give its clients a complete view of their financial counterparties so that they can decide quickly and efficiently if they can do business with them.”