FircoSoft and Actimize integrate AML technologies

Source: FircoSoft

Actimize Inc., a leading provider of risk and compliance solutions, and FircoSoft, the foremost provider of watch list filtering solutions, today announced a new partnership to deliver an enhanced AML solution for financial institutions to fight money laundering and terrorist financing.

Integration of FircoSoft's OFAC-Agent Suite into the Actimize Anti-Money Laundering Solution adds the ability to filter Customer Information Files (CIF) and online queries to detect potentially high-risk customers.

The Fircosoft suite filters through names, companies, vessels, sanctioned countries and banking codes; manages foreign translations, misspellings, and other inconsistencies; and determines whether or not an entity is on an institution's watch list. As part of the Actimize AML solution, these new capabilities create a complete end-to-end capability that increases analyst and compliance officer productivity while reducing compliance risk.

Actimize Anti-Money Laundering, Fraud Prevention, and Regulatory Compliance solutions provide surveillance and compliance monitoring for over $4 trillion in assets at leading financial services institutions including banks, brokerages, and insurance firms as well as regulatory bodies and government agencies. Fircosoft offers an enterprise watch list filtering solution as well as a powerful lists management product and has strong partnerships with leading solution providers in more than 50 countries around the globe.

"Bringing together Actimize's transaction monitoring with Fircosoft's 12 years of experience handling compliance filtering and meeting the demands of the US OFAC program is a winning combination," said Ron Greenberg, EVP, Business Development at Actimize. "Together, we will help banks, broker-dealers and insurers cope with increasing regulatory pressures and meet AML compliance requirements by offering an end-to-end solution that includes both filtering and monitoring."

The comprehensive solution will improve overall risk management while maintaining the lowest "false positive" rate in the industry, according to the companies.

"Fifty percent of filter performance is based on the quality of watch lists, and one of the greatest challenges financial companies have with compliance is the rapid growth and overnight changes of these lists," said Laurent Corbel, Sales Manager, Fircosoft. "Our powerful filtering capabilities and efficient list management, combined with Actimize's quality transaction monitoring, creates the most fail-safe AML solution on the market."

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