NCB aims to improve its compliance operations, making it easier to adhere to the regulatory requirements set by the Hong Kong Monetary Authority (HKMA).
The changing regulatory environment, increased scrutiny of regulators and auditors and high complexity of compliance operations have increased NCB’s need for visibility, efficiency and control over the full process of financial crime screening. NCB will be implementing Firco Continuity for transaction screening and Firco Trust for account screening, within the bank’s Corporate Trading Companies arm in Hong Kong.
The implementation of Firco Continuity will equip NCB with a system that screens transactions against a range of sanctions and regulatory watchlists in real-time. NCB will configure the system according to its unique risk profile, therefore reducing false positive matches, enabling faster straight through processing (STP), and keeping the cost of compliance to a minimum.
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