Compliance Analytics

Who will find Compliance Analytics most useful?

Compliance Analytics provides valuable insights for AML, sanctions, KYC, audit, financial intelligence and risk teams. Those responsible for oversight of financial crime compliance at a group level will find Compliance Analytics’ global, cross-entity views and reports particularly useful.

What is the base data used in Compliance Analytics?

Compliance Analytics uses aggregated data for payments and trade finance messages sent over Swift. The information used for analysis has been enriched to provide compliance-related insights, including the originator and beneficiary banks for payments, as well as the status and evolution of RMA relationships. The data is updated monthly.

Compliance Analytics uses aggregated Swift data to benchmark your institution’s activity and show, for example, your share of traffic in high-risk corridors.

We already have systems in place to screen and/or monitor transactions. Why would we need Compliance Analytics?

Compliance Analytics doesn’t replace banks’ existing controls and monitoring applications, but offers something different: it provides enterprise-level oversight, showing activity levels and alerting to trends or changing behaviours which could require investigation. Compliance Analytics can help pinpoint risks that might not be visible in subsidiary-level views or screening. It helps teams to focus on areas of particular risk and prioritise resources for greater effectiveness and efficiency. By following trends, it may also provide early warning of emerging issues.

Is there a data privacy issue with the way Compliance Analytics uses customer data?

Swift users always maintain full ownership of their information and control over it. We only analyse an individual bank’s data at their request to provide a global overview of trends within their institution, as described.  We use the Swift total activity volumes for benchmarking – this is aggregated data and cannot be broken down by individual institution. The Swift community has approved the use of aggregated data in this way.

Is my data secure?

Compliance Analytics data is hosted in secure Swift environment and can only be accessed via your secure login.  

Will you share any of the data or analysis with regulators? 

Swift provides neutral and objective data to data owners, along with the tools and technology for them to analyse this data. Swift users always maintain full ownership of their information and control over it. It is up to individual banks to manage their specific compliance activities and relationships with regulators.

How does Compliance Analytics compare with other Swift compliance services?

Compliance Analytics is part of Swift’s financial crime compliance services portfolio, which also includes The KYC Registry, which addresses Know Your Customer (KYC) compliance; and Sanctions Screening, Sanctions Testing and Sanctions List Monitor, which address sanctions compliance. Rather than focusing on a specific area of compliance (such as KYC compliance) or a specific compliance process (such as transaction screening), Compliance Analytics provides data and analytics tools that institutions can use to identify potential risks and better focus their compliance activities and resources.

Why is Swift getting involved with financial crime compliance?  

Swift’s services are designed to be complementary and address customer needs in the areas of AML, KYC and sanctions compliance. For example, Compliance Analytics enables banks to review risk ratings for their correspondents, on the basis of which they then assess and evolve their KYC activities for higher-risk clients.