Singapore
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.”

More sibos news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
AI will be transformative, but is still in early stages
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Artificial intelligence is a “transformational technology” that will improve productivity and security, and provide a competitive advantage, according to a live poll at Sibos 2017
Security and standards key in blockchain solutions
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Distributed ledger technology (DLT) solutions should embed security measures at their very core, especially in the financial services space, according to Sibos panellists
Culture changes required before blockchain
18 October 2017 | Toronto | Reporter: Stephanie Palmer
Blockchain could lead to cost savings in the back office, but cultural change and collaboration is required before it can be fully implemented
Sibos: Data is “the new oil”
18 October 2017 | Toronto | Reporter: Stephanie Palmer
Data is considered more important than money by 57 percent of Sibos attendees responding to a live poll following the Future of Money session
Harnessing data can keep securities secure
18 October 2017 | Toronto | Reporter: Stephanie Palmer
Securities transactions are just as susceptible to cybercrime as payments, and proper use, and protection, of data is key to managing that risk, Sibos attendees have heard
Industry torn on which city will replace London as post-Brexit financial hub
17 October 2017 | Toronto | Reporter: Stephanie Palmer
Frankfurt is set to displace London as a global financial centre after Brexit, according to an audience poll at Sibos 2017, however the session’s panellists were not convinced by the results
Quick response times key to managing reputational risk
17 October 2017 | Toronto | Reporter: Stephanie Palmer-Derrien
Reputational risk should be taken as seriously as any other type of risk, and measured, organisation-wide, and well-planned responses are key to minimising it, heard panel attendees at Sibos 2017
More sibos news