New regulations concerning transaction screening are aimed at helping banks combat the ever-growing threat of financial crimes in their systems, with financial institutions under greater pressure to ensure that millions of transactions are screened every hour. However, there is also an expectation from regulators and auditors that FIs keep extensive records of any transactions that generate alerts, explaining the steps taking and the decisions made and how they align with an institution’s risk poly. This need for transparency also applies to automated clearance of alerts and ensuring that the system configuration which drove the screening for any particular transaction is also documented. Needless to say, such processes cannot be manual and they need to be cost-effective.
Firco Continuity 5.9 builds on the existing and widely used Firco Filter 5.7 software to deliver a complete solution. Banks can now achieve a granular level of visibility on everything that is happening within the transactions in their sanctions screening system, from configuration to decision-making, while offering improved system control and data integrity enhancements. There is now improved collaboration as well, for accelerated and higher quality decision-making, the ability to provide evidence of compliance policy to auditors and regulators and a system that requires limited IT resource, reducing time and costs and ensuring that financial institutions are regulator ready.