13 January 2015

SWIFT extends Sanctions Screening to support all financial transaction formats

Hosted service provides simple, cost-effective compliance with sanctions regulations.

Brussels, 13 January 2015 - SWIFT announces the extension of its Sanctions Screening service to support all messages used in financial transactions, regardless of format or financial network. Users can now screen all transaction formats, including SEPA and Fedwire, and transactions sent over networks other than SWIFT. The extended service also enables greater flexibility and back-office integration, addressing the needs of mid-sized banks and other users that have more complex business and operational requirements.

SWIFT developed Sanctions Screening for institutions that value a hosted solution to support real-time message screening against international sanctions lists. The service combines a highly sophisticated screening engine and sanctions list management with SWIFT's security, reliability and resilience. Transactions can be screened against more than 30 of the most important sanctions lists, including lists from the U.S. Office of Foreign Assets Control, (OFAC), the UK's HM Treasury, the European Union, and the Hong Kong Monetary Authority. SWIFT performs sanctions list updates at no additional charge, eliminating a major source of cost and risk for customers.

"We have used Sanctions Screening since 2012 and greatly value the peace of mind it provides as a key part of our sanctions compliance programme," says Christine Coffin, Head of Back Office, CPoR Devises. "We have tested the extended service from SWIFT and are very pleased that we can now count on Sanctions Screening for our SEPA payments."

"In today's world, banks need to strengthen their AML/CFT systems with automated and real-time tools that enable effective controls," says Ramiro Uribe Aleman, Chief Compliance Officer of Banco Economico, Bolivia. "We chose Sanctions Screening from SWIFT to use as part of our process for sending and receiving electronic wire transfers. We are confident that this application provided by SWIFT will be a great contribution to effective sanctions compliance."

"Sanctions Screening is a community-based solution that makes transaction screening simple and affordable, even for the smallest institutions," says Nicolas Stuckens, Head of Sanctions Compliance Services, SWIFT. "Extending this service is a natural next step for SWIFT in our vision to support the evolving financial crime compliance needs of the industry."

SWIFT introduced Sanctions Screening in 2012 as the first offering in its financial crime compliance portfolio. Nearly 300 institutions in 97 countries have subscribed to the service, including 15 central banks.

For more information about Sanctions Screening, visit Sanctions Screening 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.

About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,500 banking organisations, securities institutions and corporate customers in over 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.

For more information, visit http://www.swift.com/ or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT

Contacts:
SWIFT Press Office
+32 2 655 3377
pressoffice@swift.com