Compliance for Corporates
Regulatory compliance and sanctions screening is not just a concern for financial institutions. Regulators are increasingly turning their attention to corporates in the effort to tackle the issue of financial crime – including fraud, money laundering, terrorist financing and information security.
It is therefore essential to have an appropriate financial crime compliance strategy in place. Inadequate measures can lead to significant fines, as well as having a negative effect on the company’s reputation.
The risk of violating a sanctions programme increases with the size of a company’s geographical footprint. In the event of a breach, regulators will not only look at the banks involved but also at the bank’s customers who have initiated a sanctioned transaction. Therefore, companies should not assume that their banks are solely responsible for protecting them from sanctions violations.
Sanctions lists are constantly evolving and customer and supplier databases should also be screened regularly in order to ensure ongoing compliance using the most up to date lists. SWIFT leverages its unique place in the industry to collate and standardise the main sanctions lists taking the pain out of managing through this complexity for your business.
How SWIFT can help
We provide several products which can help you achieve and maintain compliance with sanctions screening requirements:
- Our Sanctions Screening solution screens incoming and outgoing messages against current sanctions lists and alerts you to any matches. Different workflow and set-up options are available to fit your processes.
- Our new Sanctions List Distribution service automatically updates the most commonly used public sanctions lists and makes them available for download from the SWIFTRef platform.
- The SWIFT Name Screening Service combines a screening application with automatic list updates, alerts and a robust case management system. You can use the tool when on-boarding new suppliers, or when carrying out one-off checks of individuals or entities.
- Our Sanctions Testing product helps you maintain full control over your sanctions compliance processes – for example, by ensuring lists are up-to-date and by delivering independent quality assurance of your transaction, customer and PEP filters.