Firco Compliance Link
Automate the screening of financial transactions, against the full breadth of financial crime and sanctions data.
About this app
Firco Compliance Link streamlines financial crime screening to satisfy customer, regulatory, and commercial goals. Our solution enables customers to manage financial crime risk while centralizing screening, improving speed, and lowering cost. It also enables you to meet your AML screening and sanction obligations effectively.
New AML Directives and expanding scope of payment screening, some countries such as Portugal are forecasting the need to screen domestic payments as well as cross border, resulting in increased payment volume. Banks must also consider the many new types of emerging financial crime, hence the need to scale up their technology to avoid manual intervention to keep up with the growing business. As a highly valued, market leading name, this solution will increase the reputational benefits between banking counterparties.
Fully Flexible Solution
The solution can be tuned to set different thresholds even for individual lists. For instance, set one matching threshold for OFAC and another for the EU sanctions list. It allows to set fully customizable rules for targeted lists and to manage your false positives. The application is scalable from small to large enterprises.
Full Audit Capabilities
Firco Compliance link will provide the full audit trail and screening history, even against ‘no hit’ searches. This gives full transparency with the regulator in the case of an audit.
Workflow Capabilities
Manage your screening all in one system. Escalate, remediate, and investigate matches all within the system, with email notifications for outstanding actions. Handle multiple types of risk, all in one system – Firco Compliance Link processes multiple search types, including account screening/customer onboarding, payments, and trade finance. An ongoing monitoring option is also available.
Building blocks
Compliance Analysis
Initiates a compliance analysis request as part of the payment processing flow in High Value and Immediate Payment schemes. Receives an immediate response to the compliance analysis request submitted