13 October 2015
Reporter: Becky Butcher

SWIFT expands financial crime compliance services

SWIFT will expand its financial crime compliance portfolio with two new services in 2016.

Sanctions list management will enable financial institutions to access, manage and customise multiple sanctions list feeds on a secure platform hosted by SWIFT.

A new payments data quality assurance service will help banks evaluate the quality of originator and beneficiary information in the SWIFT message they send or receive.

These new services are part of SWIFT’s strategic roadmap for delivering a portfolio of complementary financial crime compliance solutions using the utility model, which it says increases standardisation and mutualises cost.

This approach is enabling financial institutions to increase effectiveness and efficiency and mitigate cost and risk related to financial crime compliance, according to SWIFT.

Sanctions list management will provide a secure platform for financial institutions of all sizes to access, manage and customise multiple list feeds, including sanctions, politically exposed persons, negative news and private screening lists.

By providing a central point for list standardisation and enrichment, it will enable development of community-based lists of risk information, facilitating industry collaboration on sanctions compliance.

The new payments data quality service will help financial institutions understand the presence and quality of originator and beneficiary information in their SWIFT messages.

The service will verify whether this data meets regulatory requirements in line with Financial Action Task Force Recommendation 16. Reporting and alerts will help institutions assess and improve the quality of their own data and allow them to take appropriate measures with their counterparties to help ensure compliance objectives are met.

Luc Meurant, head of financial crime compliance services at SWIFT, commented: “Industry needs are driving our development priorities as we expand our financial crime compliance services portfolio. Through our utility model and community-driven approach, we are committed to helping our customers to further increase the effectiveness and efficiency of their financial crime compliance programmes.”

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