Hosted utility service enables firms to screen entire databases and single names against evolving sanctions and PEP lists
SWIFT has expanded its Name Screening service to enable smaller firms and institutions in emerging markets to screen customer databases against sanctions and Politically Exposed Persons (PEP) lists to prevent financial crime.
Screening customer names is an important component in institutions’ compliance with sanctions, anti-money laundering (AML), and customer due diligence (CDD) requirements. However, smaller firms and institutions in emerging markets often lack the resources needed to operate and maintain the complex and expensive screening solutions installed at larger organisations.
SWIFT is addressing this need by offering Name Screening, a highly secure, intuitive and easy-to-use solution that helps level the playing field in the fight against financial crime. Hosted and managed by SWIFT, Name Screening can easily be tailored to address local regulatory requirements and institutional risk policies. SWIFT manages list updates as they occur, enabling banks and corporates to automatically screen databases as part of their business as usual processes, delivering significant efficiencies and effectively mitigating compliance and operational risk. The service also supports simple, web-based screening of single names to support customer onboarding and due diligence activities. Workflow management and reporting provide customers with an audit trail for additional transparency.
Luc Meurant, Head of Financial Crime Compliance Services, SWIFT, said: “SWIFT is committed to delivering solutions that support institutions of all sizes, regardless of location, in the fight against financial crime. As the latest addition to our compliance services suite, Name Screening will bring an easy-to-use and efficient solution and contribute to protecting the wider payments industry.”
Name Screening builds on SWIFT’s expertise in sanctions screening and testing, as well as its partnership with leading list data provider, Dow Jones. Advanced technology, list data, and world-class security make Name Screening a future-proofed answer to the challenges posed by constantly evolving lists and the shifting geopolitical landscape.
Name Screening builds on the success of SWIFT’s transaction screening solution, Sanctions Screening, which is used by over 750 financial institutions and corporates worldwide.
SWIFT’s Compliance Services unit manages a growing portfolio of financial crime compliance services in the areas of sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML). The portfolio includes Sanctions Screening, Sanctions Testing and Name Screening solutions, Compliance Analytics and Payments Data Quality services, and The KYC Registry. For more information, visit www.swift.com/complianceservices.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.