Enhance your AML and counter-terrorist financing efforts with Correspondent Monitoring, part of our Compliance Analytics suite. It provides global reports for comprehensive KYC reviews, flags patterns for immediate investigation, and meets international regulatory standards for correspondent banking due diligence. Swift-hosted for ease of integration, it's designed specifically for correspondent banking needs, ensuring a streamlined approach to monitoring payment chains and relationships.
Benefits
Correspondent Monitoring uses group-wide data to provide the global view you need to fully understand and robustly monitor your correspondent relationships.
Evaluate correspondent transaction activity based on 75 metrics, including volumes, values and behavioural changes, and nested relationships.
Alerts you to patterns of activity according to user-driven notification rules, determined by your policies and risk appetite.
Want to find out more?
Correspondent Monitoring is a new Compliance Analytics module.
Frequently Asked Questions
We designed Correspondent Monitoring mainly for large clearers that are active as originators, beneficiaries or intermediaries in correspondent banking flows, and need to monitor correspondent banking activities for compliance with Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) regulations.
Correspondent Monitoring is an optional extension of the Compliance Analytics product family within our Financial Crime Compliance portfolio.
Correspondent Monitoring leverages the global Swift dataset and advanced analytics platform used by Compliance Analytics. It combines activity profiling and notification rules to generate bank-specific reporting for user review. The tool supports fact-based know your customer (KYC) reviews and thematic reviews of correspondent activity as part of a risk-based approach to AML compliance.
Compliance Analytics is a reporting tool. It provides responses to questions such as your exposure to a specific counterparty group, country, activity share on a high-risk corridor, or nesting originating in a particular high-risk jurisdiction. Compliance Analytics also lets you drill down into a particular affiliate’s flows. In other words, the end-user pulls information from the Compliance Analytics application.
Correspondent Monitoring provides a monitoring capability. It automatically monitors your Swift payments and alerts you to unusual payment patterns that merit investigation as part of your ongoing AML/CFT operational processes. Correspondent Monitoring pushes information to you, based on settings tuned to your institution’s policies and risk appetite.
Many AML systems are designed for retail banking and take a bottom-up approach by aggregating individual payment movements in and out of correspondent accounts. Correspondent banking is more complex. That’s why, at the request of the community, we’ve developed Correspondent Monitoring to provide a global, top-down view on payment chains and correspondent relationships.
Correspondent Monitoring will initially cover aggregate details of MT 103, MT 202 and MT 205 messages, including the subtypes MT 202COV and MT 205COV, as these are the most relevant payment types for correspondent banking AML and CFT compliance activities. Swift will continue to evolve the service in line with customer needs.
Correspondent Monitoring is an additional module within Swift’s Compliance Analytics service. There is an annual subscription fee based on your Swift message traffic volumes. With Correspondent Monitoring, you benefit from Swift’s compliance utilities approach: secure, hosted solutions that require no hardware or software installation or maintenance. Once you’re signed up, we’ll provide the necessary onboarding training and support to help you get started and set up rules and notifications in line with your institutional policies.