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Features of Correspondent Monitoring

Correspondent Monitoring is a new module of Compliance Analytics. It’s specifically designed to support the AML and CFT compliance needs of correspondent banking

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Correspondent Monitoring, a module within Compliance Analytics

Correspondent Monitoring complements Swift’s broader Compliance Analytics and AML services offering. It leverages Swift message data to provide unparalleled insight into your institution’s global banking flows, enabling you to monitor and address financial crime risk with pinpoint precision.

Focus on correspondent banking

Correspondent Monitoring is a module within Compliance Analytics that has been designed specifically for monitoring correspondent banking relationships at group level. It generates reports that can be used on an ad-hoc basis to support periodic KYC reviews, as well as thematic reviews of correspondent activity such as country or currency exposure. The reports can also underpin business as usual AML/CFT compliance activity. They enable banks to automatically monitor Swift payment traffic to detect unusual patterns that merit further manual review as part of BAU compliance processes.

How does Correspondent Monitoring work?

Unlike most AML solutions, Correspondent Monitoring takes a top-down approach that combines activity profiling and notification rules to generate detailed reporting for user review. The reporting facilitates a risk-based approach to correspondent monitoring by highlighting higher-risk payment flows for additional monitoring and investigation in line with institutional policies.

Activity Profiling

Activity profiling leverages over 75 metrics to evaluate correspondent relationships based on transaction activity. These combine general metrics (e.g. values, volumes, and behavioural comparison with past activity) with nesting (type, number of nested relationships, scale of services) and beneficiary metrics. The activity metrics detect the extent to which specific activity differs from expected norms.

Automated Alerts

Correspondent Monitoring will alert you automatically of patterns of activity according to user-driven notifications rules, determined by your policies and risk appetite.

Easy to set up and use

As a Correspondent Monitoring subscriber, you benefit from Swift’s compliance utilities approach: secure, Swift-hosted solutions that are easy to implement, have no hardware or software to install or maintain, and have been developed in collaboration with our community. Correspondent Monitoring leverages your global Swift traffic data, eliminating the need for time-consuming data collection and transformation and costly IT projects. Swift experts will train you to use the tool and set up customised reporting and notifications as part of your business as usual AML/CFT correspondent risk monitoring programmes.