FircoSoft, the leading global provider of watch list filtering solutions, announced today that it has added the Japanese Ministry of Finance (MOF) sanctions list to its Firco List Service directory of supported lists.
The Firco List Service manages a financial institution's specific selection of official sanctions lists. With this service, FircoSoft experts manually update, enhance, test and validate lists to verify the filtering process and suggest exceptions to reduce false positive hits. The Japanese MOF list is the latest addition to the list directory that contains OFAC, HMT, EU, UN, OSFI and many others.
"Managing watch lists to ensure they are accurate, reflecting the legal lists as they are, and updated on a timely basis, combined with the double checking of efficient filtering results, are growing challenges for financial institutions, especially as lists change frequently," said Jean Losco, CEO of FircoSoft. "The Firco List Service provides our watch list filtering customers the added manpower and suggested list fine-tuning to reduce false positive hits while saving time and resources. We are very pleased with the latest addition to our list service."
The Japanese MOF list includes entries in the original alphabet written in mixed hiragana, katakana, kanji as well as English synonyms. Since 2006 FircoSoft has provided real-time transliteration across alphabets, delivering immediate filtering efficiency directly based on the original lists. With this approach the original sanction program of the related country will remain intact as it is vital to keep lists separate to ensure list transparency, integrity and ensure local regulatory controls.