OFAC-Agent Suite

AML and Compliance Solutions

Re-enforced regulations on terrorism

and illegal trafficking
To fight money-laundering and terrorism financing,
and to enforce economic sanctions, most governments
are reinforcing their regulations on illegal trafficking.
Thus, general message filtering compliance and customer
monitoring have become major concerns for financial institutions.

The US Office of Foreign Assets Control (OFAC), the European

Parliament, the United Nations, the Financial Action Task Force
on Money Laundering (FATF), among others, issue lists
of thousands of entries (companies, countries, vessels
or individuals) for which financial transactions must be blocked.
This challenge is made more difficult by the rapid growth
and overnight changes of these lists.

Third-party lists providers are offering databases of high-risk

individuals and organizations (including Politically Exposed
Persons and Financially Exposed Persons) that will assist you
in uncovering a potential risk in a complex relationship network.
These very large lists bring new challenges, OFAC-Agent Suite addresses
in terms of download and filtering performance. the following goals of your AML
program:
Avoid losses, operational risks and reputation damage
Processing an illegal transaction or failing to report a suspicious Real-time Watch List Filtering
activity could lead to:
> Financial losses: frozen funds, high fines Know Your Customers
> Operational risk: bringing discredit in the eyes of your financial (customer identification
counterparts processes)
> Reputation damage: the hardest to measure, but definitely
the most destructive

OFAC-Agent Suite is FircoSoft solution to facilitate compliance

with national and international regulations by eliminating
the risk of processing illegal transactions and detecting high-risk
financial customers.

How does OFAC-Agent Suite work?

OFAC-Agent Suite accepts as input any message/text file format,
and will determine in milliseconds if there are names, companies,
vessels, sanctioned countries or banking codes that match
the selected blocked-parties list, the blocked-parties list being
a combination of any official, internal and large third-party list.

OFAC-Agent Suite’s powerful algorithm manages:

Foreign translations, Misspellings and typing errors, Alternate
spellings, Abbreviations, Truncated words, Synonyms, Acronyms,
First names initials, Searchcodes (e.g. BIC), Compound
and concatenated words.
FircoSoft
E-mail: info@fircosoft.com
www.fircosoft.com
 OFAC-Agent Suite

Main Benefits

Experience and Performance

FircoSoft has been a filtering expert since 1994 (first client that very
same year). Strongly focused on customers’ concerns, FircoSoft
solutions have become the golden standard in Watch List filtering. FircoSoft Solutions
Our products have consistently evolved providing improvements
in qualitative and quantitative results, often ahead of market demands. OFAC-Agent Suite
FircoSoft has always been committed to the highest level is a winning combination
of performance, offering a powerful state-of-the-art filtering engine. of three solutions:
Our sophisticated solutions, based on artificial intelligence, were
designed not to require maintenance of numerous technical rules. Firco Messages Filter
Real-time filtering for any
Preserving your STP rate
message format (incoming
A high-quality filter must preserve your STP rate. or outgoing)
Thus the unnecessary manual handling on legal messages, flagged
as suspicious by the filter, must be as low as possible.
FircoSoft is proud to offer you the lowest False Positive Hit (FPH) Firco Files Filter
rate of the market (under 0.5% with our Hits Qualification option). Detect any restricted entity
in large Customer
Highly efficient list management Information Files (CIF)
As “50% of the filter performances are based on the quality of
the list”, FircoSoft developed a highly efficient list management Firco OnLine Filter
module, ensuring you will have a fully validated and tested list.
Detect high-risk financial:
It is essential that a new list does not damage seriously your live operation.
Customer before opening
High quality tests a new account
Unlike other solutions, all the lists quality tests are conducted Counterpart before
in an offline environment, not to disturb your live operations. starting a business
These tests will help you: relationship
check that all risky messages will be stopped
guarantee a constant low false positive hit rate

Working with ANY list

FircoSoft list module accepts any list, from official (governmental
and international) and internal, to very large third-party lists.
You can select as many lists as you want and easily combine them
into one single file.

Integrity and Confidentiality

To preserve the lists confidentiality and make sure the lists file
has not been tampered with, lists can be encrypted before
the export to your live environment.

Continuity
All products are developed and owned by FircoSoft.

FircoSoft
E-mail: info@fircosoft.com
www.fircosoft.com