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Banco Santander shares insights on using SWIFT Compliance Analytics

Banco Santander shares insights on using SWIFT Compliance Analytics

Financial Crime Compliance,
10 December 2018

As regulatory pressure shows no sign of abating, data analytics are playing a critical role in supporting compliance.

Global banks, such as Santander, operate in an interconnected environment and manage increasingly large volumes of messages. In this complex environment, organisations must keep up with the rules and regulations of numerous markets. So how can they handle this effectively?

Robust data analytics systems are an absolute must for global banks like Santander to ensure that all their incoming and outgoing messages comply with regulatory standards and internal sanctions policies. To get the support they need, Banco Santander opted for SWIFT Compliance Analytics

SWIFT Compliance Analytics
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Exploring SWIFT Compliance Analytics with Banco Santander

Rolling out with SWIFT

SWIFT Compliance Analytics helps banks to address these everyday trials by providing a comprehensive dataset of their institution’s SWIFT message traffic. Luis Pinedo Lopez, Head of Projects, Change Management and Processes at Banco Santander, explains that SWIFT Compliance Analytics is helping them to enhance compliance processes in line with the bank’s own sanctions policies. “We also rely on the comprehensive dataset and reports to help us fill out counterparty risk assessments.”

SWIFT Compliance Analytics helps us ensure that all incoming and outgoing messages are in line with our sanctions policies.

To optimise the potential of SWIFT Compliance Analytics, Santander have integrated it into their due diligence process. The simplicity of the tool, combined with a governance process managed by Santander’s AML Compliance Group, allows the bank to make the data and reporting functionalities accessible to their local teams worldwide.

Easy access to comprehensive reports

For Luis Pinedo Lopez, one of the main benefits of SWIFT Compliance Analytics is how easy it is to create reports that analyse message traffic over a given period. “Given the high volume of messages exchanged daily, easy access to these reports means we can quickly identify messages exchanged with a specific counterparty,” says Pinedo Lopez.

The level of sophistication of the analytics solution offers a single standardised source of data, which enables the bank to benefit from a truly global view of their message flows.

The granularity of the data also helps Banco Santander to optimise the monitoring of incoming and outgoing messages, which improves overall efficiency.

Find out more about SWIFT Compliance Analytics