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SWIFT responds to recent Press Coverage

There has been recent press coverage about Iranian sanctions and SWIFT

Published on 02 Feb 2012


There has been recent press coverage about Iranian sanctions and SWIFT. Some of the coverage gives a misleading impression of the role of SWIFT within the international financial system and, in particular, with regard to sanctions.

SWIFT provides the network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.

There should be no misunderstanding - SWIFT complies fully with all applicable sanctions laws of the multiple jurisdictions in which we operate and we will continue to do so.

It is important to note that SWIFT is overseen directly by the G10 central banks, including the Federal Reserve and the European Central Bank. We operate our network in a manner that is transparent to these regulators and maintain frequent consultations with them, as well as other governmental authorities in the EU, US and other jurisdictions.

Indeed, SWIFT has been a vital instrument in the global battle against terrorist financing, cooperating with relevant enforcement agencies in the United States and the European Union. Moreover, in many instances we provide important services that help financial institutions comply with regulation. 

SWIFT remains committed to maintaining its role as a neutral global financial communications network, as well as continuing to comply with all relevant sanctions laws in the jurisdictions in which it operates while also assisting financial institutions to do so.