Accuity, the global provider of financial crime compliance, payments and Know Your Customer (KYC) solutions will help the carrier automate and streamline its regulatory compliance screening operations, increase efficiency and improve the speed of service to its customers.
Emirates SkyCargo has implemented Accuity’s solution Firco Trade Compliance, which efficiently screens shipment documentation (such as air waybills) against sanctions, dual-use goods and regulatory watch lists, in a single interface.
The Firco solution will enable Emirates SkyCargo to automate approximately six million compliance checks each month, which will significantly improve efficiency.
Henrik Ambak, Emirates Senior Vice President, Cargo Operations Worldwide said, “Our top priority is to continue to adhere to regulatory requirements and manage our screening obligations accurately. Working with Accuity has enabled us to screen our very high volumes of shipments more efficiently ensuring that we comply with all international regulations.”
Originally developed to enable banks to detect sanctions risks in trade finance transactions, the Firco Trade Compliance solution has been adapted to cater to the freight industry’s large-scale and highly complex operational requirements. These include verifying the legitimacy of the sender and recipient, checking for dual-use or controlled goods (such as military), and ensuring the shipment is not going to or coming from a prohibited location.
Emirates will now be able to screen shipment documentation against a variety of regulatory lists, such as the OFAC sanctions list and the EU dual and controlled goods list. Firco Trade Compliance also allows the analysis of bespoke datasets, so, for example, Emirates will also be able to screen goods against an endangered wildlife list.
“Emirates SkyCargo is firmly committed to the prevention of illegal wildlife trafficking and with the functionality of the Firco Trade Compliance system, we will now also be able to more effectively identify any wilful mis-declaration of wildlife goods that are shipped illegally,” commented Ambak.
Sophie Lagouanelle, Vice President of Financial Crime Screening at Accuity said, “This project marks a significant milestone for Accuity in our strategy to expand our screening offering to the cargo industry. By working in close partnership with Emirates SkyCargo, we are redefining best practice and setting a new standard of compliance for other cargo operators to follow.”