WestLB Fights Money Laundering with Sword FircoSoft
WestLB, a European commercial bank, has selected Sword FircoSoft’s watchlist filtering solution to fight money laundering and terrorist financing. The bank opted for Firco Filtering Suite to filter their SWIFT transactions.
Firco Continuity, a 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 state-of-the-art filtering technology which them to filter their SWIFT transactions in real-time against official sanctions lists like Office of Foreign Assets Control (OFAC), EU, UN, Bundesanzeiger Verlag (Germany) and others.
“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. In addition, the great involvement and dedication of Sword FircoSoft’s team ensured a successful and smooth deployment of the solution,” said Hagen Schaumkell, WestLB director.