Powerful data analytics tool from SWIFT helps banks pinpoint risk and improve the focus of their compliance activities
Singapore, 14 October 2015 - SWIFT announces today that The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) has signed up for Compliance Analytics, a SWIFT service that helps financial institutions mitigate financial crime risk and cost by analysing their global message traffic on the SWIFT network.
BTMU will leverage Compliance Analytics' advanced data analysis tools and easy-to-use reporting to enhance the effectiveness and efficiency of its compliance activities, particularly in respect of its correspondent network. The choice of Compliance Analytics underlines BTMU's strong commitment to financial crime compliance and its high expectations on SWIFT's expanding portfolio of compliance solutions.
Mr. Takanori Sazaki, Executive Officer & General Manager, Global Compliance Division, Mitsubishi UFJ Financial Group & The Bank of Tokyo-Mitsubishi UFJ, Ltd., says: "Data analysis plays an important role in our financial crime compliance strategy. Compliance Analytics provides global oversight and detailed analysis, enabling us to act rapidly and appropriately to address areas of potential concern. As a secure shared service, Compliance Analytics is easy to implement and provides another valuable tool within our financial crime compliance programme."
Compliance Analytics is the only standardised, global dataset for detecting risk related to cross-border payments. It highlights unusual behaviour, patterns and trends, hidden relationships, and high levels of activity with high-risk countries and entities, enabling banks to take appropriate action.
Andrew Burlison, Head of Compliance Services, Asia Pacific, SWIFT, says: "Compliance Analytics is a powerful tool for identifying and understanding potential risks and knowing where to focus financial crime compliance activities and resources for maximum effect. It is secure, simple to deploy, visual and intuitive, and its insights are based on the world's leading data set of cross-border transactions."
Luc Meurant, Head of Compliance Services and Banking Markets, SWIFT, says: "SWIFT created Compliance Analytics to help financial institutions leverage their SWIFT message data to enhance the effectiveness and efficiency of their financial crime compliance activities. Compliance Analytics was developed in close collaboration with the industry and demonstrates the benefits of our community-inspired approach to providing financial crime compliance solutions."
SWIFT launched Compliance Analytics in 2014 and continues to expand its analysis and reporting capabilities based on customer requirements. It recently introduced a reporting service that provides its benefits to smaller institutions on a consultancy basis. A new data quality service coming in 2016 will help banks address FATF16 data-quality recommendations for originator and ultimate beneficiary information in payments messages.
For more information, visit Compliance Analytics on swift.com.
About SWIFT's financial crime compliance services portfolio
SWIFT's Compliance Services unit manages a growing portfolio of financial crime compliance services in the areas of sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML). The portfolio includes Sanctions Screening and Sanctions Testing services, Compliance Analytics and The KYC Registry. For more information, visit the Compliance Services on swift.com.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in more than 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.