Complying with all your needs
Today banks, non-banking financial institutions (NBFIs) and corporates face increasing compliance requirements. Regulators are asking for clear audit trails to show transparency of decision making evidence. Finding and collating the information necessary to meet compliance mandates can be a manual process, which can result in inaccurate reporting, slow and inefficient processes or even inadvertent repetition of tasks.
However, if an organisation fails to implement robust due diligence checks on their accounts, trades and transactions screening, they will face reputational damage and/or huge fines. In the last decade, financial institutions (FIs) fines have topped $280bn globally.
Whilst screening is imperative, organisations also need to keep business flowing, keep costs down and reduce time spent doing manual research.
Firco Compliance Link is an automated and comprehensive solution that provides a consolidated view of all account, transaction and trade activity. Additionally, it can be configured to suit individual risk appetite, help reduce false positives and prioritise review time by notifying users when there are potential matches to review.
It allows customers to comply with screening and regulatory requirements by providing a complete audit trail of all screening operations. The application can be installed on-premises or used as SaaS solution.