GRCO implements OFAC Sanctions Screening

In a joint team with our client, a consumer credit Institution, GRCO has implemented a centralised sanctions screening platform based on FircoSoft’s Continuity package.

The solution applies fuzzy logic to identify potential hits pertainting to SWIFT messages and offers an efficient and audit-proof platform for analysing and managing them.

As a result, all incoming and outgoing SWIFT Messages are now filtered against a host of sanctions watchlists, including those provided by the US Office of Foreign Asset Control (OFAC), the European Union and the United Nations. The solution checks for suspicious names, legal entities, addresses, countries, aircraft or vessel identifiers, and much more – all in real time.

Using this technology, our client’s Payments and Financial Security teams can now ensure that financial messages aiming at breaking international sanctions, financing terrorism or perpretrating financial crime are immediately identified and appropriate action is taken.

For any further information on how GRCO can help your firm to improve Financial Security, please do not hesitate to contact Hans Radtke.