Payments Data Quality service

Detailed reporting and analytics support compliance with FATF Recommendation 16

A community-driven solution to support compliance with FATF Recommendation 16

Are you looking for an efficient solution to monitor the presence and completeness of originator and beneficiary information in payments messages for FATF 16* compliance? 

Payments Data Quality is an advanced reporting and data analytics service that enables you to evaluate the quality of originator and beneficiary information in your SWIFT payment messages. It allows you to assess payments data quality across your global operations and with your correspondents, monitor information required for compliance with FATF Recommendation 16 and investigate specific data quality issues.

We’ve worked with the industry to develop Payments Data Quality in line with our community-based approach to financial crime compliance services. The result: a centrally hosted solution that mutualises costs for the industry and eliminates the need for system installation or integration on-site.  

Payments Data Quality enables banks to consistently apply an agreed set of validation rules based on FATF 16 guidelines and will also facilitate the development of industry standards.

It provides the benefit of a single, global overview of all payment messages with all your correspondents and branches and costs far less than implementing an in-house solution.  

Payments Data Quality is part of SWIFT’s expanding Compliance Analytics portfolio. It is available as a standalone service, even if you aren’t a Compliance Analytics customer. Add it for a very cost-effective annual fee, based on your message volumes.

*The Financial Action Task Force (FATF) is an intergovernmental body comprising 35 member jurisdictions and two regional organisations. The FATF Recommendations are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons.

Navigating FATF Recommendation 16

Learn about the implications of stricter requirements for wire transfers and the benefits of better payments data quality in this article from ACAMS Today magazine.

The industry solution to support compliance with FATF Recommendation16

This centrally-hosted, neutral service checks the quality of originator and beneficiary information within your payment messages, in line with FATF 16 guidelines. SWIFT’s Payments Data Quality service offers an efficient and cost-effective industry solution.

Promotes best practice and standardisation

Payments Data Quality applies a set of validation rules to evaluate whether messages contain originator and beneficiary information in line with FATF 16 guidelines. It’s an important step towards industry standards, reducing risks and costs for institutions.

Navigating FATF Recommendation 16

Learn about the implications of stricter requirements for wire transfers in this article from ACAMS Today - The Magazine for Career-Minded Professionals in the Anti-Money Laundering Field.

Interested in Payments Data Quality?

Find out how this new service can support compliance with FATF Recommendation 16.

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Compliance Info Papers

ACAMS Today: De-risking and financial inclusion

This article from the Association of Certified Anti-Money Laundering Specialists, discusses the impact of the “de-risking” trend: the economic consequences, as well as the adverse effect on the use of regulated payments channels.

Download (1.12 MB)
English
Case Studies

Compliance Analytics case study – CIBanco

CIBanco adopts Compliance Analytics to set the gold standard for compliance and risk management in Latin America

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English
Compliance Info Papers

Sibos in review: Banking low-risk clients in high-risk jurisdictions

Compliance experts at Sibos 2016 explored the implications of de-risking and the possible solutions.

Download (1.77 MB)
English

Document centre

Latest document update

ACAMS Today: De-risking and financial inclusion

Download (1.12 MB)
Last update: 
17 March 2017

This article from the Association of Certified Anti-Money Laundering Specialists, discusses the impact of the “de-risking” trend: the economic consequences, as well as the adverse effect on the use of regulated payments channels.

  • Compliance Info Papers
English

Payments Data Quality testimonial video – Nordea

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Last update: 
28 October 2016

Henrik Koch of Nordea Bank explains how SWIFT’s new Payments Data Quality service supports Nordea’s compliance programme.

  • Multimedia
  • Videos
English

Navigating FATF Recommendation 16

Download (1.2 MB)
Last update: 
9 September 2016

Learn about the implications of FATF Recommendation 16, which outlines stricter requirements for wire transfers. Article is reprinted from ACAMS Today - The Magazine for Career-Minded Professionals in the Anti-Money Laundering Field.

  • Compliance Info Papers
English

Systems testing and annual certification: driving business benefits

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Last update: 
25 August 2016

This info paper outlines implications of new DFS certification requirements, the potential for banks to develop ongoing review programmes that enhance processes and create business efficiencies, and how Sanctions Testing and other SWIFT services can help

  • Compliance Info Papers
English