29 March 2017

Dominican Republic’s Central Bank adopts SWIFT Sanctions Screening

SWIFT’s Sanctions Screening crosses the 600-member milestone

This press release is also available in Spanish.

New York, 29 March 2017 – SWIFT announces today that the Central Bank of Dominican Republic has adopted its Sanctions Screening solution to enhance transparency and combat financial crime. The industry utility – which has now crossed its 600-member milestone – enables banks to take a proactive approach in mitigating de-risking and building greater trust with the international financial community.

In May 2015, the Dominican Republic became the first country to implement SWIFT’s KYC Registry as a financial community. The adoption of SWIFT’s Sanctions Screening further attests its commitment to robust financial crime compliance while leveraging the benefits of SWIFT’s utility model.

Juan Manuel Taveras Lay, Controller, Dominican Republic Central Bank says, “Robust sanctions programs aligned with an organisation’s compliance policies help ensure that sanctioned individuals and institutions are detected correctly. Given the scale of the international correspondent bank network, having accurate sanctions technology in place is not only a regulatory responsibility, but also a priority for global security.”

Robust sanctions programs aligned with an organisation’s compliance policies help ensure that sanctioned individuals and institutions are detected correctly. Given the scale of the international correspondent bank network, having accurate sanctions technology in place is not only a regulatory responsibility, but also a priority for global security.

Juan Manuel Taveras Lay, Controller, Dominican Republic Central Bank

“We welcome the Dominican Republic’s Central Bank decision to implement Sanctions Screening to further strengthen their financial crime compliance programme. Providing standardised solutions is at SWIFT’s core, and it translates into reduced risk and lower maintenance costs for our customers.” says Juan Martínez, Managing Director Latin America and the Caribbean, SWIFT. “As compliance and cybersecurity challenges become increasingly sophisticated, we are committed to helping banks to ensure payments are secure and compliant as well as faster and more transparent. Through our growing financial crime compliance portfolio combined with SWIFT’s Customer Security Programme, and global payments innovation initiative, we are addressing these dimensions together in order to take correspondent banking to the next level.”

We welcome the Dominican Republic’s Central Bank decision to implement Sanctions Screening to further strengthen their financial crime compliance programme. Providing standardised solutions is at SWIFT’s core, and it translates into reduced risk and lower maintenance costs for our customers.

Juan Martínez, Managing Director Latin America and the Caribbean, SWIFT

Since its launch in 2012, SWIFT’s Sanctions Screening service has been adopted by customers in more than 140 countries, including entire banking communities. There are also 26 central banks using the service.

El Banco Central de República Dominicana adopta “Sanctions Screening” de SWIFT

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28 March 2017

“Sanctions Screening” de SWIFT supera los 600 miembros - Press release

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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.

 

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, Sanctions Testing and Name Screening solutions, Compliance Analytics and Payments Data Quality services, and The KYC Registry. For more information, visit www.swift.com/complianceservices.

 

Contacts:  
Adriana Villasenor
Adriana.Villasenor@swift.com
Tel: +1718-715-6042

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

 

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