Doing more with the same as regulation grows
With regulation increasing, but compliance budgets static, companies need to reduce operational compliance overheads in a way that is explainable, effective and efficient…
An intelligent solution that delivers speed and precision to trade finance screening.
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.
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.
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.
The comprehensive one-stop solution for all your regulatory compliance screening needs.
A comprehensive compliance solution that streamlines your screening processes.
All the global caution lists you need from one convenient and comprehensive resource.
Transparency in sanctions screening is a first step, but today, explainability is a critical goal. Organisations must be able to explain the entire chain from strategy and risk assessment to policies and procedures…
Efficiency in sanctions compliance is all about allocating the right resources, while optimising results and maintaining effectiveness. It is critical in reducing costs and mitigating the risk of fines and reputational damage…