About Compliance

By working together, we’re discovering breakthrough solutions to an increasingly complex and costly challenge

Increased complexity, increased costs

When it comes to combating financial crime, financial institutions are increasingly in the frontline of defence. Regulators the world over require FIs to meet stringent Know Your Customer (KYC), anti-money laundering and sanctions rules and regulations. Complying with such obligations in multiple jurisdictions is demanding - and increasingly costly - but the costs and reputational impact of non-compliance are even higher.  

Compliance is a challenge shared by all financial institutions, and one that is best met together. Since investments in financial crime compliance do not yield competitive advantages, it makes sense to collaborate to mitigate costs and risks for everyone.  

Community inspired solutions to shared challenges

This is the starting point for our portfolio of financial crime compliance services, developed with the SWIFT community, for the SWIFT community. It’s a suite of managed and shared services that leverages our platform, technology and standards expertise to cut through the complexity and give the industry simpler, more cost-effective ways to meet the challenges of financial crime compliance.

ComplianceCompliance Analytics - Introduction

The KYC Registry is a secure online registry where banks can exchange the data required for correspondent KYC checks. We worked with 12 of the largest correspondent banks to define a standard set of KYC data and documents to cover the requirements of different jurisdictions. Thousands of banks are now using the service. There’s no cost to add your data.

The Registry is ideal for improving the efficiency of regular due diligence. For spot checks and initial research, Bankers World Online, an online database of bank reference data, is a valuable complementary service.

We use our unique database of SWIFT message traffic to give our members insights and increased transparency into their own and their correspondents’ activities:  

  • The SWIFT Traffic Profile gives individual institutions detailed analysis of their own payments traffic that they can share with counterparties if they choose.
  • Compliance Analytics offers powerful analysis of correspondents’ payments and trade finance activity by value, location and other factors. It’s highly effective for timely identification of changing behaviours and areas of risk. You can also benchmark your institution’s activity against aggregated monthly market data to check for outlying behaviour for example, in high-risk corridors.
  • Daily Validation Reports help to mitigate the risk of lost records by providing daily activity and risk reporting of your previous day’s SWIFT transactions. Reports are delivered directly to your compliance/operations teams via a completely separate, secure online channel.
  • Sanctions Screening combines the benefits of a best-in-class filter, flexible set-up options and comprehensive sanctions lists with a no-infrastructure, rapidly deployed, fully-managed service.
  • Name Screening is a secure online lookup tool that allows banks and corporations to screen single names against sanctions, PEP and private lists.
  • For those running in-house filters, our next-generation Sanctions Testing product provides independent assurance that your filters are effective and aligned with your policies and business risk appetite.
  • Sanctions List Monitor is a free email alert service for changes to sanctions lists.

Neutral, accurate, standardised data

At SWIFT, we’re very clear about our role in financial crime compliance:

  • We’ve extended our focus to financial crime compliance at the request of and in close collaboration with our community.
  • As an industry-owned cooperative, we aim to provide neutral, accurate information and high quality, standardised tools.
  • Data owners always remain in control of their data and the ultimate responsibility for compliance remains with the financial institutions.