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SWIFT unveils expansion of its financial crime compliance services portfolio

SWIFT unveils expansion of its financial crime compliance services portfolio

12 October 2015

New sanctions, analytics and Know Your Customer services continue SWIFT’s community-inspired approach.

Singapore, 12 October 2015 - SWIFT announces an expansion to its financial crime compliance services portfolio with two new services coming in 2016.

Sanctions list management will enable financial institutions to access, manage and customise multiple sanctions list feeds on a secure, SWIFT-hosted platform. A new Payments data quality assurance service will help banks evaluate the quality of originator and beneficiary information in the SWIFT messages they send or receive. In addition, SWIFT will continue to expand its Know Your Customer (KYC) offering.

These new services are part of SWIFT’s strategic roadmap for delivering a portfolio of complementary financial crime compliance solutions using the utility model, which increases standardisation and mutualises cost. Fuelled by SWIFT-led industry collaboration, this approach is enabling financial institutions to increase effectiveness and efficiency and mitigate cost and risk related to financial crime compliance.

Sanctions list management will provide a secure platform for financial institutions of all sizes to access, manage and customise multiple list feeds, including sanctions, politically exposed persons (PEP), negative news and private screening lists. By providing a central point for list standardisation and enrichment, it will enable development of community-based lists of risk information, facilitating industry collaboration on sanctions compliance.

The new Payments data quality service will help financial institutions understand the presence and quality of originator and beneficiary information in their SWIFT messages. The service will verify whether this data meets regulatory requirements in line with FATF Recommendation 16. Reporting and alerts will help institutions assess and improve the quality of their own data and allow them to take appropriate measures with their counterparties to help ensure compliance objectives are met. 

SWIFT will also continue to broaden its Know Your Customer (KYC) offering, building on the success of The KYC Registry. Since its launch in December 2014, more than 1,470 customer institutions from 569 different financial groups in 176 countries have joined the Registry. In 2016, SWIFT will introduce additional value-added KYC services from SWIFT and strategic partners to provide a ‘one-stop shop’ experience for KYC-related requirements.

Luc Meurant, Head of financial crime compliance services, SWIFT, says: “Industry needs are driving our development priorities as we expand our financial crime compliance services portfolio. Through our utility model and community-driven approach, we are committed to helping our customers to further increase the effectiveness and efficiency of their financial crime compliance programmes.”

For more information about SWIFT’s financial crime compliance services portfolio, visit the Compliance Services on

Notes to editors
To support its mission to address the industry’s rapidly evolving compliance needs, SWIFT has created a separate Financial Crime Compliance services division led by Luc Meurant, reporting directly to the SWIFT CEO. Compliance services are one of the fastest growing areas within SWIFT, with continued growth to be sustained by internal investment, strategic partnerships and potentially by acquisitions.

Sanctions Screening provides cost-effective, real-time message screening against international sanctions lists without the need for institutions to manage their own screening infrastructure or perform sanctions lists updates. It has 380 customers in over 120 countries, including 17 central banks. Sanctions Screening screens transactions in any structured format, including messages not sent over SWIFT.

Sanctions Testing is used by more than 30 leading financial institutions to optimise the effectiveness and efficiency of their transaction, customer and PEP filters. Introduced in 2015, SWIFT’s Peer Assessment service enables institutions to evaluate the performance of their filters against a baseline of key aggregated data from other participating Sanctions Testing users.

The KYC Registry was launched by SWIFT in December 2014 to provide a single, secure, global source of standardised, high-quality KYC information. SWIFT developed the Registry with leading correspondent banks and has expanded its scope to include funds distributors and custodians. The Registry is used by more than 1,470 entities in 176 countries to streamline KYC processes and mitigate related cost and risk.

Compliance Analytics helps financial institutions monitor and address financial crime risk through analysis of their SWIFT message traffic. It supports financial crime compliance risk management by enabling detection of unusual patterns and anomalies in behaviour. Launched in July 2014, Compliance Analytics is used by 15 major financial institutions. SWIFT recently introduced a reporting service that provides its benefits to smaller institutions on a consultancy basis.

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in more than 200 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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