Anti-money laundering (AML)

Anti-money laundering (AML) compliance is one of the most costly and challenging issues facing the industry today. We’re working with our community to identify risks, strengthen procedures and improve efficiency.

Anti-money laundering (AML) compliance is one of the most costly and challenging issues facing the industry today. We’re working with our community to identify risks, strengthen procedures and improve efficiency.

About AML

Anti-money laundering (AML)

The AML challenges in correspondent banking

AML does present challenges for correspondent banks of all sizes. However, some of these could be addressed more effectively by making better...
Anti-money laundering (AML)

Anti-money laundering (AML) and the role of technology

Despite the AML challenges in correspondent banking, developments in technology could make transaction monitoring and screening programmes much more effective.
Anti-money laundering (AML)

Key takeaways from the 5th AML Directive

The 5th AML Directive (5AMLD) came into effect in early 2020 to mitigate criminal economic activity. The following is a summary of...

Resources

Information Papers

Overcoming AML challenges in correspondent banking

Advanced data analytics plays critical role in supporting compliance and enhancing transparency

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AML and Assurance

Can RegTech define a better path?

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Information Papers

RMA and RMA Plus: managing your correspondent connections

SWIFT’s financial crime compliance products help financial institutions understand, manage and mitigate operational, compliance and fraud risks in line with industry recommendations.

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Our solutions

Product

Compliance Analytics

Pinpoint financial crime risks across your operations and correspondents with our global, group-level payments analysis

Product

Payments Data Quality

Payments Data Quality checks the quality of originator and beneficiary data in your institution’s payments messages. It’s a simple, cost-effective tool to support compliance and operational efficiency.

Product

Correspondent Monitoring

Group-level monitoring of correspondent risks supports your AML and CFT compliance

Our solutions for Financial Crime Compliance

Discover more about our solutions for Financial Crime Compliance.

AML and correspondent banking

Anti-money laundering (AML) is an important tool in the fight against financial crime. It’s also an area that brings major challenges, particularly for correspondent banks.

The processes involved in identifying illicit transactions are time-consuming, inefficient and often based on outdated technology. Many of the AML monitoring systems used by correspondent banks were originally developed for retail banking, so are not equipped to deal with the complexity of correspondent banking.

AML and Assurance Sibos 2017Can RegTech define a better path?

Billions have been spent by industry participants on various AML initiatives, but it’s clear that more information needs to be shared between governments and financial institutions if AML measures are to succeed in tackling financial crime.

Latest news about Anti-Money Laundering (AML)

17 April 2020

What does the 5th AML Directive tell us about registries and their role in combatting financial crime?

With the recent introduction of the 5th AML Directive, registries are set to play a more important role than ever in the...
16 December 2019

Enabling smoother Know Your Customer (KYC) processes for corporates

SWIFT’s KYC Registry now enables corporates to efficiently manage and share KYC data with their banking partners across the globe.
29 October 2019

Fostering trust and transparency in global correspondent relationships alongside the Wolfsberg Group

A standardised due diligence approach fosters trust and transparency between correspondent banks. Wolfsberg Group’s Correspondent Banking Due Diligence Questionnaire (CBDDQ) aims to...
29 August 2019

How is the race towards instant payments shaping the world of compliance?

As demand for speedier cross-border payments continues to grow, so too does the burden on banks to keep these payments compliant and...