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Sibos 2017 in Toronto saw our financial community gathered under one roof to address the challenges, opportunities and developments in our industry. As the dust settles after a record-breaking week – with over 8000 delegates and the largest ever hosted in the Americas – we’ve put together a snapshot of compliance at Sibos. We hope this insight will be useful for those of you who were unable to attend in person, or follow our online coverage.

Table of contents

This year, compliance was once again at the forefront as a disruptive challenge – and one that is here to stay for the foreseeable future.

Common themes

While cost is clearly a factor, the effectiveness of compliance efforts was always front of mind for panellists. Measurable objectives, improved skillsets, new technologies, risk-based strategies and increased information-sharing were common themes across all sessions. Speakers recognised that a shift to a more targeted, risk-based approach to financial crime compliance demands greater information-sharing between banks, regulators and law enforcement agencies.

Community engagement

During the SWIFT Auditorium sessions, panel experts emphasised the need for strong community engagement to build on solid standardised foundations. In line with this, a new Senior Advisory Group has been formed to help guide our compliance initiatives. The conversation has moved on from last year to how we can, as players in the global financial system, work together to prevent financial crime, as opposed to the current system of just ticking boxes.

SWIFT strengthens financial crime portfolio

Two important service enhancements were announced at Sibos.

KYC Registry

With an abundance of readily available data in the market, the need to use this data to increase transparency and streamline the due diligence process is paramount. SWIFT has now aligned the KYC Registry with Wolfsberg’s Due Diligence Questionnaire in an effort to drive global due diligence standards and enable Registry users to save time and costs associated with repetitive data collection.

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Name Screening

Another key development is in the area of anti-money laundering (AML) checks. SWIFT has expanded its Name Screening service, targeting the need for smaller firms and institutions in emerging markets to prevent financial crime. Since Name Screening can be easily customised to address local regulatory requirements and institutional risk policies, it’s an ideal solution for the wider payments and financial crime industry.

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If you couldn’t make it to Sibos this year, we’ve captured some of the week’s highlights on film.

Click here to watch the SibosTV session about the "Future of financial intelligence sharing"

Click here to watch the SibosTV session about "Combatting Fraud"

Compliance sessions

Counter terrorist financing – Are we really stopping the bad guys?

The future of financial intelligence sharing – The key to fighting financial crime?

Future trends in sanctions – Can automation, artificial intelligence and outsourcing resolve inefficiencies?

Fraud and cyber high alert: The new normal?

AML and assurance – Can RegTech define a better path?

‘In-conversation’ with Wolfsberg – Pressing priorities and trends