How does Firco Compliance Link compare to Compliance CoPilot?

Firco Compliance Link from LexisNexis Risk Solutions is a comprehensive, centralized compliance screening solution designed to help financial institutions and other regulated organizations effectively detect, manage, and mitigate risks related to sanctions, money laundering, terrorist financing, and other illicit financial activities. Developed by FircoSoft, now part of LexisNexis Risk Solutions, this platform combines advanced watchlist filtering technology with streamlined workflows and robust data management capabilities. It enables organizations to align with evolving regulatory requirements, reduce the complexity of compliance operations, and enhance overall due diligence measures.

One of the key strengths of Firco Compliance Link is its ability to centralize screening processes across different lines of business and transaction types, whether related to payments, customer onboarding, trade finance, or securities. By integrating disparate compliance checks into a single, unified environment, it allows compliance teams to easily access and review alerts, quickly apply sanctions screening rules, and calibrate settings to reduce false positives. This cohesive approach ensures greater operational efficiency and consistency in decision-making, saving both time and resources.

The platform’s sophisticated filtering engine uses advanced algorithms and proprietary matching techniques, enabling it to identify potential matches even when faced with slight variations in spelling, incomplete information, and multiple naming conventions. This “fuzzy logic” capability is crucial for reducing missed hits—an essential requirement in an environment where penalties for non-compliance are increasingly severe.

Firco Compliance Link also supports flexible deployment models, offering on-premises, cloud-based, or hybrid configurations that allow organizations to adopt the solution in accordance with their internal IT infrastructure and risk appetite. Moreover, it can integrate with other compliance tools, case management systems, and third-party data sources, providing a seamless user experience and a holistic view of risk.

SteelEye's Compliance CoPilot is an AI-powered tool that enhances compliance functions by automating alert review processes. Utilizing advanced Large Language Models (LLMs), it analyzes communications in multiple languages, providing risk scores and actionable insights to compliance officers. The CoPilot integrates seamlessly into existing workflows, enabling firms to prioritize high-risk alerts, conduct more efficient investigations, and reduce alert review times by up to 90%. :contentReference[oaicite:1]{index=1}

• 🏆 Ranked - Strong Performer by Forrester (2024)
• 🏆 Best Overall AI Company by AI Breakthrough Awards (2024)
• 🏆 Named on RegTech100 by FinTechGlobal (2024)
• 🏆 Financial Crime and Compliance50 2024 - Ranked 4 by Chartis (2024)
• 🏆 RiskTech100 2024 - Ranked 13 by Chartis (2024)

LexisNexis Risk Solutions is a global data and analytics company that provides information-based analytics, decision tools, and data management services to help organizations make informed decisions, stay compliant, reduce risk, and improve operations

SteelEye, founded in 2017, is a London-based RegTech and data analytics firm specializing in financial compliance solutions. The company offers an integrated platform that consolidates and protects data across various sources, enabling businesses to meet regulatory obligations efficiently.

SteelEye's comprehensive suite includes services such as trade and communications surveillance, regulatory reporting, data archiving, and analytics. These tools assist financial institutions—including asset and wealth managers, banks, brokers, commodity trading firms, hedge funds, and trading platforms—in reducing the complexity and cost associated with compliance.

The company's platform captures, cleanses, indexes, and analyzes both structured and unstructured data across all asset classes and communication types. This holistic approach not only ensures adherence to regulatory requirements but also provides valuable business insights.

As of 2024, SteelEye employs approximately 111 individuals across multiple locations, including London, New York, Bangalore, and Braga.

The company has secured significant investment, with a Series B funding round in September 2022 raising $21 million, bringing the total funding to approximately $43 million.

SteelEye continues to innovate in the compliance landscape, developing solutions that empower financial firms to comply with confidence while unlocking actionable insights from their data.