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:
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.