Sanctions & Embargo Compliance
Firco Continuity is FircoSoft’s flagship watch list filtering solution designed to ensure compliance and detect and block transactions including listed parties. Firco Continuity is multi-alphabet ready and can be interfaced to any banking application, operates on all major platforms, and filters any message type including ACH, SWIFT, FEDWIRE, and SEPA. The solution can filter against any sanctions list (such as EU, OFAC, HMT, and UN), third-party lists (such as Accuity, Dow Jones or World-Check) or internal watch lists.
Firco Continuity users can also sign-up for the Firco List Service (FLS) to update, enhance, test and validate your lists to improve quality and filtering results. Today, the FLS manages the following sanctions lists.
Firco Continuity can be dedicated for one customer or offered as shared filtering services. Click here to learn what solution powered by FircoSoft is right for your organization.
- Powerful filtering engine for reduced false positives
- Case management, reporting and audit trail
- Flexible and easy to use interface
- Customizable workflow
- Supports all formats for centralized filtering
- Multi-alphabet ready
Firco Continuity also offers add-on modules with advanced features to improve system control and increase productivity:
- Stripping Detector – identify and block amended payments, and protect your financial institution against processing payments that have been purposefully altered
- Pairing Manager – pair messages related to the same transaction, for instance a cover payment MT202 will be held until the funds transfer MT103 is released by the operator
- Decision Reapplication – automate previously made decisions (i.e., “learning” from the decisions made by users, so that the next time a similar transaction comes through, manual review is not required)
- Workflow Accelerator – automatically prioritize, route and escalate alerts (for example, routing hits on an embargoed country directly to a compliance- level reviewer) with a configurable workflow router
- Advanced Reporting – generate custom reports by utilizing a reporting data mart that can be accessed via any reporting tool (e.g. Business Objects, Cognos etc.)
- Advanced Workflow – add multiple levels and decision approval processes with customized statuses, transitions or decision buttons
- Firco BAM – Real-time Filtering Dashboard – proactively identify and address potential issues before they impact operations and customers
The filtering engine also supports transliteration, enabling you to filter data in Russian Cyrillic against a Japanese list in Katakana, or an Arabic list against a Greek list, for example.
The complete Firco Continuity environment is UTF8 Ready and accepts double-byte characters. The solution also provides the ability to search for countries under embargo. When a country under an embargo is added to the consolidated list, the filtering engine will look for all the spellings of Sudan, for example, defined within the internal dictionary containing all the main cities of Sudan as well as Sudan bank codes. The internal dictionary is enriched on an ongoing basis.
FircoSoft has been awarded the SWIFT Alliance Screening Add-on Label since 2001.
For more information about the SWIFT Certified Application label, please click here