FircoSoft, a global provider of watch-list filtering solutions, announced last week the availability of its Stripping Detector solution, designed to identify resubmitted transactions and block stripped messages in real-time.
Stripping is intentional misconduct, internal or external, that involves the practice of removing wire transfer information—such as customer names, bank names, vessels and addresses—to evade economic sanctions detection. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs.
