Firco Trade Compliance


The challenge of trade compliance

International trade finance has been in the spotlight as an avenue for criminal organisations and terrorist financiers to launder money. However, banks are now under intense pressure by regulators to avoid proliferating the financing of such individuals/entities associated with money laundering, terrorist organisations and bribery and corruption. However, with local and global regulations (Monetary Authority of Singapore and the Hong Kong Association of Banks as examples) to adhere to, trade compliance teams are struggling.

Trade compliance teams face the challenge of having to understand and be up to date with all regulatory requirements, and be able to provide audit trails to satisfy any outside regulatory checks.

Performing compliance checks can be a time-consuming process, with banks looking for more efficient ways of documenting why certain decisions are being made, what sources they have used, and also the dates and times of each check, in order to demonstrate how they manage risk.

The benefits of an automated solution

The need for a solution that not only maintains compliance with regulators, but also lowers internal costs by boosting efficiencies and saving time is more important than ever. One solution containing screening, case management and audit tracking is essential to fulfil these needs.

The benefits of Firco Trade Compliance

Firco Trade Compliance provides a one-stop solution for all your screening requirements, whether that’s screening customers for sanctions e.g., Politically Exposed Persons (PEPs) or the trading activity itself—goods, locations, or the transportation vessel.

It provides a secure, end-to-end solution that enables you to centralise all of your screening processes for account, transaction and trade files for batch or real-time lookups. The flexibility of the system allows for the same solution in either a hosted or on premise environment and allows for any type of screening.

Streamline Operations

  • Ensure decision making is based on the latest and most comprehensive data
  • Reduce false positives by customising compliance screening according to your own needs and risk profile
  • Have the freedom to divert resources from manual, repetitive checking to other operational tasks

Best Practice Compliance

  • Improve the standard of compliance to meet international best practice and anticipate regulatory demands
  • Create a clear audit trail to demonstrate decision making to regulators

Secure Your Reputation

  • Minimise the reputational and financial risk to your organisation that’s inherit in trade finance
  • Improve turnaround time for customer’s trade finance applications

The features of our all-in-one solution

Firco Trade Compliance is a comprehensive and intelligent solution that efficiently screens against sanctions, vessels and dual-use goods within a single interface – offering a centralised view of risk and compliance, combining advanced and enhanced features:

  • An advanced screening engine – brings the data together to efficiently screen against sanctions, shipping and vessels, dual-use goods, entities and locations, into a consolidated screen featuring the key fields needed to check multiple aspects of a trade. It can be configured to suit individual data sets, automate workflows and prioritise review time by notifying users when there are potential match cases to review, streamlining overall screening processes.
  • Enhanced global regulation list – Accuity’s data research team proactively research, check and add daily to keep data up-to-date with global regulator announcements, constantly enhancing with thousands of unique identifiers for added protection against sanctioned entities

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Vessel sanctions and Dual-Use goods

Enhanced global regulation lists are constantly updated to give you the most comprehensive data on vessel sanctions and screening for dual-use goods.

  • Shipping and Vessels – Includes critical vessels data not provided by OFAC and additional vessel information such as beneficial owner, previous names, IMO number, port of registry, and operator (see detailed description below)
  • Dual-Use Goods – Comprehensive dual-use and controlled goods data which is available in electronic format, allowing more efficient and accurate screening (see detailed description below)

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