Screening against sanctions
The expansion of international sanctions and governmental efforts to fight terrorism pose evolving challenges for compliance departments.
Screening against sanctions
Overview
Sanctions serve as a powerful tool for governments in shaping international relations and influencing the behaviour of targeted individuals, entities or nations. By imposing economic, trade or financial restrictions, governments can exert pressure on those who engage in activities deemed detrimental to national interests or violate international norms.
Financial institution must be aware of evolving regulations. They must also make sure they have an effective and efficient sanctions screening process, be compliant with these regulations, and prevent sanctions breaches, or activities under embargo.
In this section
How to stay ahead of ever-evolving global technology and regulation change
Sanctions have become an important tool for governments when it comes to ensuring international security.
Why sanctions screening is critical for financial institutions
Ensures compliance with regulations and prevents money laundering, terrorist financing, and other illicit activities.
About Swift’s sanctions compliance solutions
Sanctions solutions were the natural starting point for Swift’s compliance services portfolio. Their success demonstrates the efficacy of Swift’s hosted services model.
Our innovative service provides over 700 small and mid-sized institutions with simple, cost-effective transaction screening.
If you already have transaction, PEP or name screening filters in place, we can help you optimise their performance. Sanctions Testing is used by the world’s largest banks and leading insurers make sure their filters are working correctly – and demonstrate this internally and to overseers.
Related products
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Transaction Screening
This fully managed, securely hosted service screens your incoming and outgoing messages against up-to-date sanctions lists and instantly alerts you if it detects anything suspicious.
This service offers real-time sanctions screening, customisable alerts, and a user-friendly interface for seamless compliance. Ready for ISO 20022, it requires minimal installation and is trusted by over 1000 banks and corporates worldwide.
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Sanctions Testing
Sanctions Testing automates compliance, so your systems identify sanctioned entities and PEPs, but allow legitimate transactions. It offers quality assurance, performance assessment, list accuracy, risk alignment, control automation, and peer comparison - all through secure web-based technology for easy integration.
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Sanctions List Distribution
Our Sanctions List Distribution service streamlines sanctions. It automatically updates public sanctions lists, validates data and standardises formats. As a shared service within our Financial Crime Compliance portfolio, you benefit from cost-effective compliance.
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Sanctions List Monitor
Sanctions List Monitor simplifies compliance by providing immediate email alerts for sanctions list updates, as part of our cost-effective financial crime compliance services. It offers early notice and clear change details for efficient process readiness. Sign up for free to stay ahead of regulatory changes.
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Expert consultancy for compliance programmes
Complying with sanctions obligations across multiple jurisdictions is complex and demanding. However good your systems, there are always times when additional specialist knowledge or independent advice is required. Our experts are here to help.
Looking for independent advice?
Are you looking for independent assessment and assurance that your filters for transaction, customer and PEP screening are working as they should?
Perhaps you require expert advice about a proposed new system or project, or ongoing technical support for your sanctions filters and screening programme?
Our experts have implemented Swift’s comprehensive Sanctions Testing product at many of the world’s largest financial institutions, so whatever your need, they have the knowledge, technical skills and industry experience.