9 January 2017

Asian banks continue to utilise SWIFT’s Sanctions Screening service

10 Nepalese banks join nearly 600 users of the hosted utility service for sanctions compliance

Mumbai, 9 January 2017 – 10 Nepalese banks will utilise SWIFT’s Sanctions Screening service to support their sanctions compliance. The 10 banks will join the nearly 600 firms currently using the service, which was launched in 2012 as the first solution in SWIFT’s financial crime compliance portfolio. The success of the offering validates SWIFT’s vision that compliance services are most efficiently and effectively delivered via a hosted utility model.   

“The growing adoption of Sanctions Screening serves as further proof of the need for shared, community-developed solutions to today’s compliance challenges,” said Kiran Shetty, Head of India and subcontinents, SWIFT. “Providing standardised solutions for the benefit of the financial community is at SWIFT’s core, and it translates into increased efficiency, reduced risk and lower maintenance costs for our customers.”

Sanctions Screening is a hosted utility service that screens financial transactions in real-time against more than 30 up-to-date lists of sanctioned individuals and entities from all the major regulatory bodies, including OFAC, the United Nations, and the European Union. All structured message types can be screened, including FIN, ISO 20022, SEPA, FedWire and other non-SWIFT messages. Matches, or “hits,” are identified immediately and highlighted for further action.

The service is designed for the needs of small to mid-size financial institutions as well as corporations, high-volume payments businesses and central banks. Since its launch in 2012, SWIFT’s Sanctions Screening service has been adopted by customers in more than 140 countries, including entire banking communities in Ghana and Nigeria. There are also 20 central banks using the service.

“SWIFT is a valued and trusted partner in our sanctions compliance efforts,” says Ashoke SJB Rana, Chief Executive Officer, Himalayan Bank Limited. “Using Sanctions Screening helps us focus on core parts of our business while actively ensuring we are meeting our sanctions compliance obligations, reducing manpower and costs.”

“SWIFT Sanctions Screening is very well tailored to the compliance needs, thanks to SWIFT’s reliability and outstanding customer service. It is definitely one of the most efficient tools we have come across,” said Vishal Rauniyar, Head of Compliance and Operations Risk, Kumari Bank Limited.

 “SWIFT Sanctions Screening is easy to implement and user friendly,” says Pramod Dahal, Head Compliance, NMB Bank Limited. “It is a vital component for the financial sector and has added value to AML programmes.”

 

 

 

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 and Sanctions Testing services, Compliance Analytics and The KYC Registry.

For more information, visit www.swift.com/complianceservices.

About SWIFT
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.

For more information, visit www.swift.com  or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT.

Contacts:  

Cognito
swift@cognitomedia.com 
+44 (0)20 7426 9400

Extended reading

Message

Frequently asked questions about SWIFT’s Sanctions Screening

Below you’ll find answers to the most frequently asked questions about SWIFT’s fully-managed Sanctions Screening service. You can also download more information...
Message

Sanctions Screening: from complexity to confidence

Al Baraka Islamic Bank in Bahrain was struggling with complex and inefficient sanctions screening processes. SWIFT’s fully-managed Sanctions Screening service has proved...
Case Studies

CCB Brazil enhancing its compliance program with SWIFT’s Sanctions Screening

SWIFT service helps check bank transactions against sanction lists easily and quickly.

Download (50.49 KB)
English

SWIFT Insights

  • Discover the latest trends in financial services
  • Keep up with our news updates
  • Read thought-provoking industry reports
  • Explore global events and webinars
Read more