Firco Trade Compliance

Trade compliance screening has become more critical in recent years. Banks, non-bank financial institutions (NBFIs) and corporates are being held to a higher standard when it comes to Know Your Customer (KYC) requirements and prevention of money laundering. They’re tasked with staying up to date on the latest regulations and maintaining audit trails to satisfy regulatory checks. Surprisingly, many companies still rely on manual research processes for their due diligence, even though they’re time consuming and increasingly costly. They’re also inadequate. The data is often fragmented, coming from different sources in a variety of formats, and requires regular updating throughout the lifecycle of the trade. To truly understand the risk profile in financing any trade, you need to look not only at the details of the customer requesting financing and their counterparties, but also the specific details of the trade—the goods, their destination and their transport. The process involves a considerable amount of data checking and process management, far more than can be thoroughly executed with manual research. A better solution is to use LexisNexis® Firco™ Trade Compliance, which can greatly improve the efficiency of your trade finance screening.

Benefits

Firco Trade Compliance is an optional solution that works alongside LexisNexis® Firco™ Compliance Link and allows you to perform all of your trade screening checks in one place, whether it’s screening customers for sanctions or the trading activity itself, including goods, locations and transport vessel. Use Firco Trade Compliance to:

• Streamline operations—Make decision based on the latest data, reduce false positives and divert resources from manual checks to other operational tasks.
• Facilitate compliance—Meet best practice standards, adapt to regulatory changes and create a clear audit trail to show regulators.
• Secure your reputation—Minimize reputational risk, limit financial risk and speed processing of customer’s trade finance applications.

Features

Firco Trade Compliance is an all-in-one solution. It enables you to automatically screen customers, dual-use goods, locations and transportation vessels against sanctions, politically exposed persons (PEPs) and other lists throughout the lifecycle of a trade. A single solution does it all! Data is consolidated and displayed on a single screen for workflow efficiency. No need to consult disparate systems and conduct manual operations that sap efficiency. Instead, you can easily check multiple aspects of a trade and view a full history of all activity within a single interface. Firco Trade Compliance creates a complete audit trail that includes:

• What decisions were made
• What sources were used
• Dates of each check
• Times of each check