AEG adds FircoSoft watch list filtering tech to Swift Service Bureau

Source: FircoSoft

FircoSoft, the leading global provider of watch list filtering solutions announces that AEG, its Partner for Middle-East and Africa, enhanced its Swift Service Bureau with FircoSoft's best-of-breed watch list filtering solutions.

Allied Engineering Group (AEG), based in Beirut (Lebanon) is one of the leading providers for specialist back-office services and consultancy in the financial industry in the Middle East, North, Central & West Africa. Since 2006, the strong partnership between AEG and FircoSoft has led to a series of success stories which resulted in a substantial growth in the number of FircoSoft's customers in the Middle East and North Africa.

AEG's SWIFT-certified Service Bureau provides SWIFT connectivity and services to small and medium institutions that are faced with the same ever changing, strong, local and international compliance requirements, as any other institution. In response to numerous requests from its customers, AEG decided to enhance its Service Bureau with FircoSoft's best-of-breed filtering solutions in order to fight terrorist financing and money laundering. As a result, Firco Continuity for SWIFT Alliance Access (SAA) has been implemented and enables customers to filter their real time transactions (ingoing or outgoing) against sanction lists provided by FircoSoft, and review potentially illegal transactions. AEG also added Firco Trust solution to enhance its clients' Know Your Customer procedures. Thanks to this KYC solution, financial and non-financial institutions can filter names by making instant queries and detect potentially high-risk customers.

"We have been distributing FircoSoft high-quality and reliable filtering solution to our customers since 2006. Offering the same level of compliance services to our Bureau customers was a logical step for AEG. Indeed, they are small and medium institutions but they are under the same pressure as larger entities, and they are also exposed to Terrorist Financing and Money Laundering. We, as a provider of SWIFT services, and our customers using our services, wanted to be sure to remain compliant with the latest national and international regulations. It was therefore obvious for us to select FircoSoft as the provider of these filtering solutions" says Mr.Hussein Abdallah, Sales Manager, AEG".

"We are very happy and ambitious to have extended our cooperation with AEG with this new offer that combines their cost-efficient and comprehensive SWIFT Service Bureau with our advanced filtering technology. It will definitely help us strengthen our presence and fuel our expansion in the Middle East and Africa where we see an increasing demand from clients that do not always have the necessary resources or do not want to invest in implementing their own solution " says Christophe Destephen, Regional Alliance Manager. 

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