Overview

Economic sanctions are frequently used by governments to implement foreign policy and fight financial crime and terrorist groups. Keeping up-to-date and compliant with ever-changing sanctions lists and requirements represents a common challenge to the banking industry. If you work at a small to mid-size financial institution, Sanctions Screening provides a quick-to-implement, cost effective solution for real-time screening of your SWIFT messages.

SWIFT Sanctions Screening offers the following benefits:

• Reliability: Sanctions Screening combines FircoSoft's market-leading filtering application and list update with the security and resiliency of SWIFT.
• Ease of use: With SWIFT Sanctions Screening, there's no complex set-up and ongoing tuning required - the service is essentially "subscribe and comply".
• Cost effectiveness: Sanctions Screening is tailored to the needs of small to mid-size banks. The service is "needs no infrastructure" and there's no costly system maintenance.

How it works

Sanctions Screening checks messages against public sanctions lists - such as OFAC, United Nations and HMT - which are centrally managed and constitute a regulatory basis for stopping a transaction.

With Sanctions Screening, you select which FIN messages you would like to have routed to a central screening application, which then matches them against public sanctions lists.

Messages are screened in real time, and delivered as usual if there is no "hit". If there is a hit, the case-management system asks you to instruct SWIFT on whether to release / abort / flag the message.