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Sanctions Screening: from complexity to confidence

Managing sanctions lists and screening manually was proving a headache for staff at Al Baraka Islamic Bank (AIB) in Bahrain. Not only was the task complex and very time-consuming, it was also prone to errors, leaving managers feeling concerned.

Moving to SWIFT’s hosted and managed Sanctions Screening service proved the solution the bank needed. With no infrastructure to install, implementation of the service was quick and fuss-free. Now AIB has an easy-to-use, automated screening process for their incoming and outgoing messages, saving time and reducing complexity. Most importantly, managers also have the comfort of knowing the sanctions lists being used are always completely up-to-date.

Khalifa Ahmed Al-Shakar, head of delivery channels at AIB says: “The security features of the system and its access to constantly updated sanctioned persons lists provides up to the minute protection to our bank. We were able to achieve this peace of mind without having to implement overly complex and costly screening solutions. We now have a level of comfort and confidence that we are meeting our sanctions compliance requirements.”  

Mohammed Al Mutaweh, CEO, AIB, adds “we value the ability to use a secure, automated system that ensures we are compliant with the most up-to-date sanctions lists.”

What users say about Sanctions Screening

SWIFT’s Sanctions Screening is an easy to implement, user-friendly and cost-effective service that gives our anti-money laundering programme added assurance. SWIFT provides the tool that enables us to mitigate potential risks in our day-to-day business.

— Kheireddine Mermioui, Head of IT and SWIFT, Arab Maghreb Bank for Investment and Trade.

We have used Sanctions Screening since 2012 and greatly value the peace of mind it provides as a key part of our sanctions compliance programme.

— Christine Coffin, Head of Back Office, CPoR Devises.

In today’s world, banks need to strengthen their AML/CFT systems with automated and real-time tools that enable effective controls. We chose Sanctions Screening from SWIFT to use as part of our process for sending and receiving electronic wire transfers. We are confident that this application will be a great contribution to effective sanctions compliance.

— Ramiro Uribe Aleman, Chief Compliance Officer, Banco Economico, Bolivia.