STB Systems adds suspect persons checking facility to STB-Detector
09 July 2002 | 2800 views | 0
Regulatory and compliance software provider STB Systems has contracted with France-based FircoSoft to add advanced international criminal and terrorist blacklist checking capabilities to its STB-Detector anti-money laundering system.
STB will use FircoSoft's Ofac-Agent product to allow customers to comply with international regulations to maintain and check all transactions against the various lists of companies, vessels and persons with whom trade is forbidden by international and national governmental bodies around the world.
The deal is expected to be worth around $3 million over the next five years.
Ofac-Agent automatically blocks transactions through 'pertinent matching' technology based on natural language. Messages are scanned field by field and OFAC-Agent determines if there is any such element (referenced by its name/address, or its Swift code, or any keyword) which generates a hit against watch lists.
Michael Thomas, managing director of STB Systems, says: "By setting parameters, clients control the 'false positive rate', to balance the desire to find more genuine hits against matching too many, thus reducing work, not increasing it."