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Swift launches Compliance Analytics Service to help banks manage financial crime risk

Swift launches Compliance Analytics Service to help banks manage financial crime risk

29 April 2014 | 3 min read

Using Swift traffic data, Compliance Analytics will help banks visualise their global transaction flows and identify unexpected patterns or activities.

Brussels, 29 April 2014 - Swift announces the launch of Compliance Analytics, a new business intelligence tool in its compliance services suite that will help banks monitor and address financial crime risk. Through Compliance Analytics, banks will be able to analyse their own Swift traffic data to identify anomalies in behaviour, unusual patterns or trends in traffic flows, hidden relationships, and significant levels of activity in high-risk areas.

Compliance Analytics gives banks access to a single source of rich, standardised data, providing them with an overview of their Swift-based activity, including their subsidiaries' activities and all their activity with correspondents. The application will enable banks to identify and assess areas of risk, validate existing processes, and attain a global view of their Swift traffic. The application also allows banks to develop risk models, set alerts to highlight specific areas of risk within their business, and benchmark themselves against their industry peers.

"There are increasingly high expectations for financial institutions to implement policies and tools that will help identify and prevent financial crime activities," says, Luc Meurant, Head of Banking Markets and Compliance Services at Swift. "Compliance Analytics enables banks to analyse their existing Swift traffic data to detect spikes, outliers or possible policy breaches. This is a great new tool that can help alleviate some of the financial crime compliance challenges impacting the banking community."

Swift's Compliance Analytics is relevant to a broad audience within banks, including group compliance, AML, sanctions, correspondent banking, audit, and risk teams. It complements Swift's existing Sanctions Screening and Sanctions Testing services, as well as its KYC Registry initiative which will go live at the end of the year.

Javier Pérez-Tasso, Chief Marketing Officer at Swift, adds, "The launch of Compliance Analytics marks another milestone in Swift's strategy to deliver innovative solutions in the financial crime compliance area. The new tool fits nicely with Swift's existing Compliance Services portfolio and is another example of Swift's commitment to helping the industry cope with new requirements in the area of financial crime compliance."

About Swift
Swift is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories. Swift enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. Swift also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

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