Accuity enables financial crime screening on distributed ledger technology

Acuity  has successfully integrated its financial crime screening solutions with Corda – R3’s financial grade distributed ledger technology (DLT) platform.

Accuity’s innovation team, working closely with R3, has developed a solution that enables financial crime screening of customers and transactions on Corda. For financial institutions, this would facilitate financial crime compliance with regulatory requirements of programs such as the EU Fourth Anti Money Laundering Directive, the USA PATRIOT Act, the US Treasury’s Office of Foreign Assets Control (OFAC) and the MAS Notice 626.

Hugh Jones, President and CEO at Accuity, said: “We believe Distributed Ledger Technology (DLT), inspired by the breakthrough blockchain concepts, has the potential to disrupt how financial services are offered and transacted. Enabling regulatory compliance is absolutely essential for this new technology to progress from proof of concept to production systems.”

“We are now looking at working with our customers to pilot this solution for a number of other use cases such as KYC, payments and trade finance compliance,” he added.

Todd McDonald, Co-Founder and Head of Partnerships, R3, added: “R3 has developed Corda to enable a safe and efficient distributed ecosystem for financial services to guarantee a consistent, accurate, auditable, reportable record. KYC/AML Compliance is a key regulatory requirement for financial transactions. Accuity is the known market leader in the area of financial crime compliance screening. We look forward to leveraging our combined expertise to address solutions in this space for the global financial services industry with innovative distributed ledger-based technology.”