SWIFT advisory on fighting illegal financial activities
Brussels, 17 October 2014 - As a result of the heightened risk environment, SWIFT reminds its users that it is SWIFT policy that its services must not be used to facilitate illegal activities. Users are urged to take all reasonable steps to prevent any misuse of the SWIFT messaging service.
SWIFT would like to remind its users of their compliance obligations: SWIFT users around the world are subject to a variety of different compliance rules, which they are required to uphold. These rules include, but are not limited to, sanctions compliance and fighting illicit and terrorist financing. SWIFT users’ access to the SWIFT messaging service depends on authorisations from their competent authorities, which can be rescinded in the case of non-compliance with such rules.
SWIFT recognises that its users face significant challenges in implementing measures that prevent illegal behaviour, whilst ensuring that they do not penalise the efficient processing of legitimate financial transactions. To assist users in this respect, SWIFT offers a growing range of financial crime compliance tools. Additionally, SWIFT’s messaging standards support compliance with these rules. SWIFT encourages its users to make use of these and other tools within their financial crime risk management frameworks.
SWIFT is fully committed to doing its part to address this challenge and remains committed to its policy of cooperation to fight illegal activities within the scope of its activity.