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Answers to your questions about our independent, web-based Sanctions Testing

Table of contents

What is Sanctions Testing?

Sanctions Testing is a secure, web-based product that enables you to test, tune and optimise your transaction, customer and PEP filters; validate that the lists you are using are correct, and align your filter configuration to your business needs and risk appetite. As well as the product, we offer a range of assessment, training and filter tuning services to improve your effectiveness and efficiency.

What is the difference between Swift’s Sanctions Screening and Sanctions Testing?

Sanctions Screening is a Swift-hosted service that enables you to screen transactions against sanctions lists. Sanctions Testing enables you to test, tune and optimise your own transaction, customer and PEP filters. It does not replace having such filters.

Which organisations will benefit most from using the service?

Sanctions Testing is used by institutions globally that operate their own sanctions filters. They use it to optimise their sanctions and PEP filters and are looking improve their sanctions compliance programmes. 

What kind of data is used to test filters?

We take data from public sources. No customer data is used. Users can design and specify tests to include relevant risk data and meet their in-house risk objectives. We can also test your in-house lists if you desire.

Which lists are covered?

We maintain up-to-date more than 50 sanctions lists from all the major regulatory bodies, including OFAC, United Nations, Europe and HMT. You can also add your own private lists.

What types of filters can you test?

Sanctions Screening can be used to test filters that are used for transaction, customer and PEP screening. It can be configured for any filter, whether that is an in-house solution or one from a third-party supplier.

What file formats can be tested?

We can test virtually any format, including Swift MT and MX messages, as well as other structured transaction formats, such as CHIPs, Fedwire or your own internal formats. For customer and PEP screening, we can configure the format to meet your own specifications.

What is the difference between testing sanctions and PEP filter performance?

PEP screening is usually only performed in a customer screening environment. The majority of the testing processes are similar, but the test structure and outcomes will differ between sanctions and PEP filters.

How easy is it to get Sanctions Testing up and running?

We offer standard onboarding packages and these can be tailored to your own implementation needs. Swift experts will train you on how to use the tool and optimise the value of your investment.

Why should I use this Swift service rather than third-party consultancy?

Sanctions Testing provides the benefits of independent, third-party testing without the cost and delays of commissioning an external consultancy to perform the testing on your behalf. You are able to test whenever you like and make updates based on test findings immediately. You’ll have the assurance that the tests and measurement processes are aligned with best practice, as defined by the leading institutions across the Swift community that use Sanctions Testing.