WestLB, a Germany-based financial services firm, has selected Sword FircoSoft's watchlist filtering solution Firco Filtering Suite to fight money laundering and terrorist financing.
Firco Continuity, Firco Filtering Suite’s module to filter financial transactions, has been deployed within four weeks at WestLB, which represented the first phase of the project. The bank is now equipped with filtering technology which allows the bank to filter its Swift transactions in real-time against official sanctions lists like OFAC, EU, UN, Bundesanzeiger Verlag (Germany) and others.
Hagen Schaumkell, director of WestLB, said: “We were looking for a highly efficient solution to filter our in-coming and out-going SWIFT transactions. After narrowing our search to four providers, the choice for Sword FircoSoft’s solution was a logical step, taking into account the breadth of functionality of Firco Filtering Suite, its flexibility, its scalability and its short integration time.”
Laurent Corbel, sales director at Sword FircoSoft, said: “We are glad to welcome WestLB to the ever expanding group of satisfied Firco Filtering Suite users. The quick deployment of Firco Continuity is yet another show case of the flexibility of Firco Continuity and the team behind the product. It allows WestLB to detect illegal transactions and remain compliant with the latest anti-money laundering and counter-terrorist financing regulations.”