21 April 2017

Set yourself up for transaction and name screening success

Learn how choosing the right sanctions list provider can affect the success of your sanctions compliance programme

Selecting the right sanctions lists can play a vital role in transaction and name screening effectiveness and efficiency.

A new SWIFT info paper – “7 questions to ask when choosing a sanctions list provider” – outlines practical considerations that institutions should consider when choosing lists, and list providers.

Consider the hidden costs of poor list data. Suboptimal data can lead to a higher number of false positive alerts. The more false positives, the greater the number of staff required to handle them.

In addition, different vendors have different ‘editorial policies’: some may choose to delete certain names in order to reduce the number of false positives for their customers. As a result, there is a risk that organisations using those lists will fail to catch certain names.

The paper also explains the difference between enhanced and standardised list data, as well as how to compare lists from different providers, and how to make sure your lists are fit for purpose.

Expertise grounded in detailed analysis and testing

SWIFT has developed extensive sanctions list expertise through the use of its Sanctions Testing tool, which it has deployed to test filter and list performance at many of the world’s largest financial institutions since 2012.

SWIFT recently introduced Sanctions List Distribution, which packages the most commonly used public watch lists for download in standardised XML format so you can quickly and easily update your screening environment whenever the lists change.

For financial institutions and firms that prefer to eliminate the need to source and maintain sanctions lists, SWIFT’s hosted transaction and name screening solutions can provide welcome relief.

Sanctions Screening lets you screen incoming and outgoing transactions against leading watch lists, as well as your own private lists. Name Screening enables you to screen individual customer and PEP names (and soon customer and PEP databases) as part of your ongoing compliance processes.

Both Sanctions Screening and Name Screening are hosted by SWIFT and are updated whenever sanctions lists change.

Learn more about SWIFT’s financial crime compliance portfolio.

Download “7 questions to ask when choosing a sanctions list provider”.

7 questions to ask when choosing a sanctions list provider

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Last update: 
21 April 2017

SWIFT’s sanctions compliance services enable you to screen transactions and customer names, test and certify the effectiveness of your sanctions filters and download up-to-date public watch lists

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Extended reading

Compliance

Sanctions List Distribution

Sanctions List Monitor is a free SWIFT service that notifies you by email when specified sanctions lists change. Standardised information helps you understand and prioritise critical updates.

Compliance

Financial Crime Compliance

The challenge: Cutting the complexity and the cost of financial crime compliance.
The solution: A portfolio of community-inspired, shared and managed services.

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Customer Security Programme (CSP)

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