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Sanctions screening: Balancing efficiency with effectiveness

Sanctions screening: Balancing efficiency with effectiveness

Financial Crime Compliance,
11 June 2018

You can now deliver more efficient operations safe in the knowledge that your filters are screening effectively.

Financial institutions face increasing regulatory pressure to maintain strong sanctions compliance programmes. Sanctions screening filters play a crucial role in tackling financial crime, and the price of having an ineffective filter can be high. Banks may face regulatory repercussions if the controls they have in place are found to be inadequate, and this can also lead to reputational damage.

But inefficiency also carries significant costs, from the financial implications of a larger team carrying out manual processing to the risks associated with higher levels of human intervention.

Do you want to deliver more efficient operations safe in the knowledge that your filters are screening effectively? Read this information paper to learn more.

Getting the balance right

Clearly banks want to avoid making changes that weaken filter performance, but it is possible to optimise screening operations by making incremental changes and subsequent re-testing. This approach allows banks to achieve controlled efficiency gains based on a comprehensive understanding of filter performance while documenting the rationale behind every change.

When setting up filters, it’s crucial for financial institutions to decide how to approach the competing goals of filter effectiveness and filter efficiency.

Nicolas Stuckens, Head of Sanctions Compliance Services, SWIFT

Setting yourself up for success

SWIFT’s proven sanctions compliance services can play a vital role in ensuring sanctions screening efficiency. Tools such as our Sanctions Testing service enable banks to carry out this type of testing quickly and robustly - improving the performance of the filter and keeping costs under control. Using this approach allows banks to achieve greater efficiency while still ensuring that their filters are performing at the required level.

Read the info paper

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Filter testing: improve screening efficiency without compromising effectiveness
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