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IGTplus Compliance Filter: Embargo and Money-Laundering Legislation Compliance Filters

By BBP

The Compliance Filter (Co-Fi) of the IGTplus product series enables banks to implement the requirements of embargo and money laundering legislation.

The IGTplus Co-Fi compares the data to be checked with sanction lists such as Office of Foreign Assets Control (OFAC), World-Check, Info4C, PEP Check and other country-specific lists. There are two modules available:

The Compliance Filter TRX Module checks transactions and requests, providing real-time assurance that no sanctioned transaction leaves the bank or reaches the banking system from outside. TRX checks the formats of SWIFT, SIC/euroSIC, SECOM and XML.

The Compliance Filter CIF Module checks customer data, verifying the customer data and marks the corresponding hits. Various mechanisms provide a very flexible processing and verification of these hits.

Benefits of the IGTplus Compliance Filter

  • Protects the bank from suspicious transactions before they leave the bank or are entered into the books, providing a final and conclusive checkpoint for all incoming and outgoing transactions
  • Checks all messages, whether generated by third-party applications or manually
  • Flexible filter supports various message formats in addition to SWIFT
  • Parameters can be set for the selection and number of lists to be considered (external suppliers and internal lists); maintenance of the external lists can also be delegated to BBP
  • Completely integrated into the IGTplus product range
  • Simple and user-friendly operation thanks to intuitive, graphical surface