Air cargo carrier signs multi-year deal with Accuity to optimise its sanctions compliance and export control programs
SINGAPORE - Media OutReach - 4 March 2020 - Emirates SkyCargo, the freight division of Emirates, announced that it is working with Accuity, the leading global provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, to help automate and streamline its regulatory compliance screening operations, increase efficiency and improve the speed of service to its customers.
Left to right: Henrik Ambak (Senior Vice President, Cargo Operations Worldwide, Emirates), Daniel Hewitt(Regional Head, MENA, Accuity), Trevor Howard (Manager, Standards and Operational Safety, Emirates SkyCargo)
Emirates Sky Cargo has implemented Firco Trade Compliance, an Accuity solution that efficiently screens shipment documentation (such as airway bills) against sanctions, dual-use goods and regulatory watch lists, within a single interface.
The new solution enhances Emirates SkyCargo's current process, enabling the business to automate approximately 6 million compliance checks each month. This will significantly improve efficiency, while enabling Emirates to uphold the extremely high compliance standards that sit at the heart of its ethos.
Henrik Ambak, Senior Vice President, Cargo Operations Worldwide, Emirates, 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."
Firco Trade Compliance is an award-winning solution that was originally developed to enable banks to detect sanctions risks in trade finance transactions. Through collaborative innovation with clients, Accuity has adapted the offering to cater to the freight industry's large-scale and highly complex operational requirements.
Cargo operators are responsible for conducting due diligence on the parties and items involved in every shipment they facilitate. This includes verifying the legitimacy of the sender and recipient, checking for dual-use or controlled goods (for example, those that could have a military purpose), 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 be able to screen goods against an endangered wildlife list, all within the same system.
"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, Financial Crime Screening, 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."
Notes to editors:
About Emirates SkyCargo:
Emirates SkyCargo is the freight division of Emirates. With an unrivalled route network, we connect cargo customers to more than 155 cities across six continents and operate in many of the world's fastest developing markets. Our cargo hold capacity comprises Emirates' fleet of more than 270 aircraft, including 11 Boeing 777 freighters.
Emirates SkyCargo operates state-of-the-art cargo facilities at its dual hub locations in Dubai International Airport (DXB) and Dubai World Central (DWC), with cargo being moved 24/7 by truck between the two airports via a bonded virtual corridor.
Emirates SkyCargo has developed transportation solutions for specific verticals including pharmaceuticals and perishables. More details at www.skycargo.com
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Firco and Bankers Almanac brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.