- Regulatory, Compliance and Anti-Money laundering specialist adds "Best of Breed" Specially Designated Nationals list checking facilities
London, England – STB Systems, a world leader in regulatory and compliance software, has signed an agreement with French company, FircoSoft, to add advanced international criminal and terrorist blacklist checking capabilities to STB-Detector, STB's leading anti-money laundering system. The deal, expected to be worth around million over the next five years, will allow STB's customers to comply with international regulations to maintain and check all transactions against the various lists of companies, vessels and persons with whom trade is forbidden by international and national governmental bodies around the world.
STB has chosen OFAC-Agent from Straight Through Processing exception processing specialist, FircoSoft, widely regarded as the leader in OFAC (the US Treasury Office of Foreign Assets Control) filtering technology. Whilst the product is a SWIFTAlliance plug-in, it may also be used with any message format including free text, and will run on a wide variety of platforms, making it truly hardware and environment independent and volume scalable.
"Regulations concerning anti-money laundering have become increasingly tight, particularly since the tragedy on September 11," commented Michael Thomas, Managing Director of STB Systems. "By introducing an integrated OFAC facility to STB-Detector we are further reducing the burden on already overstretched compliance officers in UK and overseas Banks. By setting parameters, clients control the "false positive rate", to balance the desire to find more genuine "hits" against matching too many, thus reducing work, not increasing it”.
OFAC-Agent automatically blocks transactions through “pertinent matching” technology based on natural language to ensure the highest detection rate and the lowest false positive detection rate. The client may, by adding “good guys” control the false positive rate, to balance the desire to find more genuine “hits” against matching too many.
Messages are scanned field by field and OFAC-Agent determines if there is any such element (referenced by its name/address, or its SWIFT code, or any keyword) which generates a “hit” against watch lists. OFAC-Agent has been designed to be able to use any number of lists (international, national, tailored in the bank) and takes into account new versions of the lists without extra tuning.
STB-Detector is the first to anti-money laundering application to combine several key controls in one package, specifically: applying very detailed account opening controls, secondly tracking and profiling of all account activity - not just wire transfers, and thirdly managing review and follow-up workflows of suspicious or poorly documented transactions. STB-Detector is also the first designed to pull information from a diversity of existing systems, meaning that installation is simple and that institutions installing the system are not required to create a complex "data warehouse".
STB is one of the world's leading vendors of automated compliance reporting solutions for the financial
markets. Founded in 1984, STB is the market leader in London, New York and Hong Kong. STB's worldwide staff of 45 includes some 27 specialised technical and consulting personnel.
STB's solutions are designed to automate the presentation of critical controls that protect banking businesses, handling both internal and external reporting to satisfy relevant regulatory bodies. The company is one of just five approved by the Bank of England for electronic reporting.
STB's solutions control and consolidate multiple data sources. The use of rules-based technology ensures a stable product, and allows for development of new solutions quickly and efficiently to meet the constantly changing demands of regulatory, management, risk and other compliance reporting.
STB's core competence has led to new products for its customers in 2002, including the development of an anti money-laundering system.
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STB Systems Limited
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