The new service will enhance compliance efforts for financial institutions and corporates through fast and accurate name screening against a variety of lists, including regulatory agencies, Dow Jones data and proprietary lists maintained by firms.
Sibos - Geneva, 26 September 2016 – SWIFT announces today that it will launch a new hosted cloud service, Name Screening, designed to allow online search engine-style lookup of individual names. Developed to address the needs of small to midsized banks, investment managers and corporates, the service will complement Sanctions Screening, SWIFT’s hosted transaction screening tool.
The new service will screen against governmental sanctions lists and firms’ proprietary lists, as well as against lists of PEPs (Politically Exposed Persons) and RCAs (Relatives and Close Associates) supplied by Dow Jones’ Risk and Compliance data. Over time, Name Screening will expand to include automated batch screening of entire databases, such as consumer and supplier lists.
Name Screening is built around intuitive, easy-to-use case management, a world-class screening engine and advanced list technology in which SWIFT standardises public sanctions lists to increase accuracy and reduce false positives. By providing hosted utility service options to screen client and supplier names, SWIFT will enable both financial institutions and corporate entities to achieve effective sanctions compliance and customer due diligence.
Like Sanctions Screening, Name Screening will leverage SWIFT’s highly successful, industry-driven utility model and be a secure, fully hosted and cost-effective solution requiring no additional investment in hardware or software. SWIFT continually updates and maintains the system, as lists and regulatory requirements change, allowing customers to focus on their core business processes. Quality assurance will be provided by the same solution used by the world’s largest banks to test the performance and accuracy of their sanctions filters and lists.
“Name Screening will provide financial institutions and corporates with an all-in-one screening solution that is fast and secure, as well as easy and cost-effective to implement,” says Luc Meurant, Head of Compliance Services Division, SWIFT. “With our new Name Screening service, we continue to deliver on our strategy of providing secure hosted cloud services that support efficient compliance with sanctions and customer due diligence requirements via a central industry utility.”
Name Screening will provide financial institutions and corporates with an all-in-one screening solution that is fast and secure, as well as easy and cost-effective to implement.
The service will launch early in 2017, and will incorporate Risk and Compliance data from industry leader Dow Jones, covering more than 1.5 million PEPs and RCAs.
“Dow Jones Risk and Compliance data is a natural fit for SWIFT’s Name Screening service, and we are confident this partnership will deliver significant value to the SWIFT community,” said Joel Lange, Managing Director at Dow Jones Risk and Compliance. “As the regulatory environment grows more complex, financial institutions need to ensure they’re doing business transparently and with the right partners. This solution, powered by our data, will give them that confidence.
Dow Jones Risk and Compliance data is a natural fit for SWIFT’s Name Screening service, and we are confident this partnership will deliver significant value to the SWIFT community.
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, Sanctions Testing and Name Screening solutions, Compliance Analytics and Payments Data Quality services, and The KYC Registry. For more information, visit www.swift.com/complianceservices.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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