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SWIFT takes home two awards at Regulation Asia Awards for Excellence 2020

SWIFT takes home two awards at Regulation Asia Awards for Excellence 2020

Financial Crime Compliance,
20 January 2021 | 3 min read

SWIFT awarded Best Solution, KYC Utility for our KYC Registry and Best Solution, Sanctions Filter Testing for our Sanctions Testing Service at the 3rd Regulation Asia Awards for Excellence 2020.

KYC Registry lauded by awards panel

SWIFT’s KYC Registry has been designed in collaboration with banks and corporates to provide a secure global platform to streamline and standardise the collection of KYC information for customer due diligence.

The KYC Registry has already helped over 6,000 institutions reduce the amount of time spent collecting initial information and documentation from correspondents, as well as reducing duplicate work and delays in collecting and requesting data. 

It is recognised as the accepted standard for correspondent banking due diligence. The Registry has now been extended to corporate customers of SWIFT to help simplify the KYC process between banks and corporates.

“Most KYC information is still exchanged bilaterally, which is a highly manual and cumbersome process,” said an awards panel judge. “SWIFT’s KYC Registry is the only truly global KYC utility that remains in the market, after many similar projects failed in recent years. SWIFT gives the consuming banks certainty that the data and documents on the KYC Registry are accurate and complete, reducing the risk of doing business.”

SWIFT gives the consuming banks certainty that the data and documents on the KYC Registry are accurate and complete, reducing the risk of doing business.

Sanctions Testing solution also recognised

In the Sanctions Filter Testing category, SWIFT received top honours for our Sanctions Testing solution. Since 2012, SWIFT Sanctions Testing has helped financial institutions assess their sanctions filters and identify any issues that need improvement. Fully automated, Sanctions Testing helps firms reduce false positives and supports all key regulator lists. One user, a Singapore-based bank, reported a 60% reduction in false positives after using SWIFT Sanctions Testing.

“Independent third party testing and assessment helps to reduce overreliance on sanctions screening vendors,” said one judge. “Quite impressive is that SWIFT performs full list testing, not just sample testing. This helps banks to identify all the hits and misses, which is critical information to ensure they can continuously improve sanctions screening and remain compliant with regulations.”

This helps banks to identify all the hits and misses, which is critical information to ensure they can continuously improve sanctions screening and remain compliant with regulations.

About the Regulation Asia Awards for Excellence 2020

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.

Learn more about the results of the Regulation Asia Awards for Excellence 2020.

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