The global sanctions landscape has recently become more volatile and complex. With an increase in regulatory fines, global financial institutions need to ensure that they are implementing the right solutions to screen transactions and customers against watchlists and sanctions that are ever-more targeted, while still ensuring that they minimise wasted effort, maximise efficiency and control compliance-related costs.
By using Fircosoft’s unique filtering technology, leading banks have been able to improve screening performance by dramatically reducing the proportion of false alerts. This highly sophisticated software allows banks to screen both individual transactions (through Firco Continuity) or customers (through Firco Trust), delivering unmatched screening performance and capabilities. By balancing risk and costs in three steps – alert detection, reduction of false positive hits and prioritisation of high-risk alerts – Fircosoft’s filtering technology ensures maximum precision, effectiveness and performance.