Last June, the Philippines' President Benigno Aquino signed into law two measures to strengthen the government's fight against money laundering and terrorism, 'An Act to Further Strengthen the Anti-Money Laundering Law' and 'The Terrorism Financing Prevention and Suppression Act of 2012.' As a result, financial institutions in the Philippines are required to comply with these new regulations by utilizing practices and technology to identify and prevent financial transactions related to illegal activities.

"It was a must for iWave Inc to provide our customers with best-of-breed filtering solutions to comply with the new regulations which have recently been recently signed into Congress," said Sonny P. Gaon, President & COO at iWave Inc. "Selecting FircoSoft was the best choice for us as its solutions and services met our requirements in terms of expertise of the team, robustness of the solutions and price. We are very pleased to be partnering with FircoSoft enabling iWave Inc to help financial institutions meet these new requirements and complement our solutions and service offerings to be more competitive within the region."

"We are delighted to welcome iWave Inc as a new reseller partner in the Philippines," said Eric Quéré, Managing Director of FircoSoft Singapore. "Together with iWave's strong local expertise and excellent track record serving financial institutions in the Philippines, we look forward to expanding the adoption of our solutions to help the region's financial sector eliminate the risk of processing illegal transactions or doing business with risky parties."

iWave Inc, a leading provider of software consultancy and services for financial institutions in the payment gateway, core banking systems and credit card systems within the Philippines, resells FircoSoft's Firco Continuity, to filter transactions and avoid processing illegal payments, Firco Trust to filter entities and/or customers' information and prevent from do doing business witt from do doing business with risky parties, and, the Firco List Service to enhance list management and filtering performance. Implementation and support services for FircoSoft's solutions are also offered by iWave's experts.