Firco Trade Compliance

An intelligent solution that delivers speed and precision to trade finance screening.

Overview

The challenge of trade compliance

International trade finance has been in the spotlight as a conduit for money laundering. Trade compliance teams face the diverse, time-consuming challenge of identifying potential issues, staying up to date with regulatory requirements and providing audit trails to satisfy regulatory checks.

Let Firco Trade Compliance Manager help you improve efficiency and approach trade finance screening with confidence.

Product Value

An intelligent solution that delivers speed and precision to trade finance screening.

Firco Trade Compliance Manager is an optional solution that works alongside Firco Compliance Link to address all your trade-screening needs throughout the lifecycle of a trade. It enables you to automatically screen customers, dual-use goods, locations, and transportation vessels against sanctions, politically exposed persons (PEPs) and other lists.

Data is consolidated and displayed on a single screen for workflow efficiency – making it easy to check multiple aspects of a trade and view a full history of all activity. The solution can be configured to suit individual data sets and prioritise review time by notifying users when there are potential match cases to review. Ship Enforcement Alerts (SEA) lets you quickly check for sanctions on vessels and ports to ensure you remain in compliance.

Firco Trade Compliance uses constantly updated and enhanced global regulation lists from Accuity with thousands of unique identifiers for added protection against sanctioned entities.

These lists provide the most complete data on vessel sanctions and screening for dual-use goods. Information includes critical vessels data not provided by OFAC and additional information such as beneficial owner, previous names, IMO number, port of registry, and operator.

Disparate systems and manual operations sap efficiency by making it difficult to perform requisite compliance checks. With Firco Trade Compliance Manager, all your screening processes for customers, transactions, and trade files are conducted within a single interface, providing a centralised view of risk.

With a complete audit trail on why certain decisions are made, what sources are used, and the dates and times of each check,

it’s easier to demonstrate effective risk management and comply with international best practices.

With screening, case management and audit tracking in a single solution, Firco Trade Compliance Manager improves efficiency while helping you to minimise the reputational and financial risk inherent in trade finance.

Automated, All-In-One Trade Screening Solution | Firco Trade Compliance

Nordea Streamlines Trade Screening with Firco Trade Compliance

Nordea a leading financial services group in the Nordic region and one of the largest banks in Europe, sought Firco Trade Compliance a robust trade compliance screening solution that was automated, with a sophisticated algorithm for identifying dual use goods, and capable of detecting and alerting the bank to changes mid-trade.

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