Kuwait Finance House has entered into a contract with Sword FircoSoft, a provider of watchlist filtering solutions, to deploy its watchlist filtering solution.
The contract has been signed through Allied Engineering Group (AEG), SWIFT business partner for the Middle-East and North Africa region and Sword FircoSoft’s partner in the Middle-East.
Kuwait Finance House said that, in the context of growing awareness towards anti-money laundering and anti-terrorist financing regulations in the Middle-East region, it has dropped its former filtering solution to replace it by Sword FircoSoft’s filtering technology to better protect against financial crime and prevent from processing illegal transactions.
Kuwait Finance House selected Firco Continuity for SWIFTAlliance Access, Firco Filtering Suite’s product to filter in real time their SWIFT transactions against OFAC, EURO and United Nations lists in English. The system went live after five days implementation and has been fully integrated into the bank’s SWIFT system. Firco filtering suite is multi-alphabet ready and handles Arabic characters, this remains a key advantage to integrate and grow on this market.
Bahrain-based Kuwait Finance House offers Shari’a compliant banking products and services.