Anti-Money Laundering
eVision is partnering with FircoSoft in order to be able to provide reliable world-class anti-money laundering solutions that can be easily deployed by various enterprises around the globe.
Embargoes and Anti-Terrorist Financing Compliance Solutions
Most governments, mainly in the emerging markets, are reinforcing their regulations on illegal trafficking to fight money laundering and terrorist financing. The stringent regulations impact not only banks but also non-financial institutions (accountants, notaries, real-estate agents...).
Firco Filtering Suite is a complete solution enabling financial institutions to comply with international AML regulations such as general transaction filtering and Know Your Customer (KYC) procedures.
Our suite of filtering solutions eliminates the risk of processing illegal transactions and detects high-risk financial customers by filtering any payment messages and customer information against any combination of sanctions/PEPs & FEPs (Politically Exposed Person & Financially Exposed Persons) lists.
Financial sector institutions and organizations has a number of international standards and regulations conceived by Financial Action Task Force on Money Laundering (FATF) of United Nations, the US Office of Foreign Assets Control (OFAC), European Parliament, among others, that issue lists of thousand of entries (companies, countries, vessels or individuals) for which financial transactions must be blocked. When doing international business, institutions have no other choice but to comply with governmental regulations, or in case of non-compliance, expose themselves to severe sanctions.
Moreover, third-party lists (such as Factiva, World-Check) offer databases of PEPs and FEPs which enable financial institutions to efficiently screen their customers, associates, transactions and employees for potential risk.
As 50% of Firco filter performances are based on the quality of the lists, the main challenge to remain compliant is to stay updated on all changes of these lists. For this end, FircoSoft developed a highly efficient and easy list management system to, offering exhaustive set of list filtering and management capabilities of Firco Filtering Suite. Learn more about Firco Lists Service
Firco Filtering Suite addresses the following goals of your AML program:
- Transaction filtering to automatically block illegal transactions, with Firco Continuity. Learn more about Firco Continuity.
- Enhancement of your Customer Identification Program, part of the KYC policy with the screening of your customer database to detect high-risk financial clients, with Firco Trust. Learn more about Firco Trust.
Firco Filtering Suite has been awarded the SWIFTReady Alliance Access Plug-in Label since 2001 .