Fast, accurate screening of customer and supplier names
Banks – and increasingly corporations – are expected to check the names of customers, suppliers, employees and others against a variety of lists. These include sanctions, Politically Exposed Persons (PEP) and Relatives and Close Associates (RCA) lists.
While screening solutions are available, implementing and maintaining such solutions takes time and money – particularly with public sanctions lists changing daily and PEP lists continuing to expand.
SWIFT’s new Name Screening service offers banks and corporations an easier way of complying with sanctions and customer due diligence requirements. This secure online lookup tool allows banks and corporations to screen single names against sanctions, PEP and private lists.
Available from January 2017, Name Screening combines a screening application with automatic list updates, alerts and a robust case management system. Financial institutions can use the tool when onboarding new customers, or when carrying out one-off checks of individuals or entities. Corporates can use the tool to check the names of suppliers and customers.
You’ll be informed immediately if a name matches an entity on one or more lists. If no matches are found, you’ll have a full audit trail demonstrating that specific names have been screened. You can also create an alert and have it investigated by a dedicated team.
Hosted by SWIFT, Name Screening provides a high level of data security and confidentiality, safeguarded by SWIFT’s robust security standards.
Web-based screening of individual names is SWIFT’s first step in developing a comprehensive name screening solution.
In the second half of 2017, SWIFT will expand Name Screening to provide a batch screening solution for customer, supplier and counterparty databases. Users will be able to automate screening and apply different screening configurations to determine which names are screened against specific lists.
Managing lists so you don’t need to
Name Screening checks names against public sanctions list sourced directly from the relevant authorities, while PEP lists are sourced from industry leader Dow Jones.
Different access levels for different users
By configuring user access levels, you can give limited access to some users – such as procurement staff – while giving the compliance department full access to alerts and audit trails.
Quick to install; easy to use
You can configure Name Screening to meet your compliance policies and procedures. There’s no need for hardware or software installation – all you need is a USB security token.