SWIFT unveils expansion of its financial crime compliance services portfolio

Published 
  • New sanctions, analytics and Know Your Customer services continue SWIFT’s community-inspired approach

Singapore – SWIFT announces an expansion to its financial crime compliance services portfolio with two new services coming in 2016.

Sanctions list management will enable financial institutions to access, manage and customise multiple sanctions list feeds on a secure, SWIFT-hosted platform. A new Payments data quality assurance service will help banks evaluate the quality of originator and beneficiary information in the SWIFT messages they send or receive. In addition, SWIFT will continue to expand its Know Your Customer (KYC) offering.

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 increases standardisation and mutualises cost. Fuelled by SWIFT-led industry collaboration, this approach is enabling financial institutions to increase effectiveness and efficiency and mitigate cost and risk related to financial crime compliance.

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 (PEP), 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 FATF 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.

SWIFT will also continue to broaden its Know Your Customer (KYC) offering, building on the success of The KYC Registry. Since its launch in December 2014, more than 1,470 customer institutions from 569 different financial groups in 176 countries have joined the Registry. In 2016, SWIFT will introduce additional value-added KYC services from SWIFT and strategic partners to provide a ‘one-stop shop’ experience for KYC-related requirements.

Luc Meurant, Head of financial crime compliance services, SWIFT, says: “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.”

For more information about SWIFT’s financial crime compliance services portfolio, visit www.swift.com/complianceservices.

Most recent episodes

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests consider...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY’s distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event,...

00:00

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI’s Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI’s Editor, Eleanor Hill, to explore the very latest treasury trends – and to discuss how smart treasurers can get ahead of the game by ...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI’s Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25

Tax Spotlight: How the OECD’s Two-Pillar Solution Impacts Treasury

Aaron Lee and Joseph Lee (DBS Bank) join TMI’s Eleanor Hill to discuss how the OECD’s Two-Pillar Solution aims to address the tax challenges arising from the digitalisation of the economy. Ahead of the 2023 implementation date multinational corporates will have much to consider around these reforms....

24:00