Firco Compliance Link
Accuity (LexisNexis Risk Solutions)
Firco Compliance Link streamlines financial crime screening to satisfy customer, regulatory, and commercial goals. Our solution enables customers to manage financial crime risk while centralizing screening, improving speed, and lowering cost. It also enables you to meet your AML screening and sanction obligations effectively.
New AML Directives and expanding scope of payment screening, some countries such as Portugal are forecasting the need to screen domestic payments as well as cross border, resulting in increased payment volume. Banks must also consider the many new types of emerging financial crime, hence the need to scale up their technology to avoid manual intervention to keep up with the growing business. As a highly valued, market leading name, this solution will increase the reputational benefits between banking counterparties.
Fully Flexible Solution
The solution can be tuned to set different thresholds even for individual lists. For instance, set one matching threshold for OFAC and another for the EU sanctions list. It allows to set fully customizable rules for targeted lists and to manage your false positives. The application is scalable from small to large enterprises.
Full Audit Capabilities
Firco Compliance link will provide the full audit trail and screening history, even against ‘no hit’ searches. This gives full transparency with the regulator in the case of an audit.
Workflow Capabilities
Manage your screening all in one system. Escalate, remediate, and investigate matches all within the system, with email notifications for outstanding actions. Handle multiple types of risk, all in one system – Firco Compliance Link processes multiple search types, including account screening/customer onboarding, payments, and trade finance. An ongoing monitoring option is also available.
General information
How it works
Request for compliance check
The customer generates the transaction in Fusion Global PAYplus and sends it to Firco Compliance Link, this gives the ability to screen cross border transactions against global sanctions lists that are automatically updated.Processing compliance screening
The application screens the transaction against global sanctions lists in real time, ensuring you maintain STP.Generate The Response
The application then sends a response back. To review a possible match, the client decides on whether it is a true match (and the transaction should be blocked), or it is a false positive (and the transaction can be released). Receive immediate notification when the risk profile of a customer changes, enabling you to take pre-emptive action. By applying a risk-based approach to remediation you will be able to assign a responsibility level to individual staff members depending on experience and authority.Get a second answer
Have confidence answering questions from regulators or auditors regarding screening decisions. A robust audit trail with reporting capabilities, including tracking activity on matches and any data entered, allows you to quickly demonstrate when, where and how checks were executed.
How it looks
Case review
When the application detects a possible hit, it gives the user to manually review the transaction. Show less
