When it comes to combating financial crime, financial institutions are increasingly in the frontline of defence.  Financial institutions face increasing regulatory pressure to maintain strong sanctions compliance programmes. In some cases, correspondent relationships are being terminated by banks over concerns about the risk of noncompliance by their counterparties.  Successful sanctions compliance requires a combination of processes, systems and human expertise.  Institutions need a reliable, resilient filter to screen transactions, and accurate, up-to-date sanctions lists.

Sanctions Screening is a securely-hosted and cost-effective solution for transaction screening against all major public sanctions lists, including OFAC, United Nations, Europe and HMT. Currently the solution supports 36 sanctions lists, so you can rest assured your screening is always compliant with the latest requirements. You select which lists you want applied to your transactions. In addition to public sanctions lists, you can maintain your own private lists. You can also set up an individual “good guys” list to reduce the volume of alerts you receive.

Sanctions Screening will bring you the following benefits:

  • Real-time, up-to-date screening.  Your messages are screened in real-time against up-to-date and comprehensive sanctions lists. SWIFT hosts, manages and maintains the screening engine, including a range of logical tests (to detect misspellings, abbreviations and phonetic similarities) and sensitivity thresholds.
  • Ready to deploy and use. Sanctions Screening is a fully-managed service, with no infrastructure required on your side, your institution can be up and running quickly. SWIFT takes care of the technical complexity, leaving you free to act on the results.
  • Flexible set-up and reporting options. You can choose real-time screening of all structured message formats, (including FIN, ISO 20022, SEPA and non-SWIFT formats) or opt for just your incoming and outgoing FIN messages.
  • Reporting. There is also an automatic monthly reporting built in along with the audit requirements you need: a trail of all configuration choices, actions and decisions; screening parameters; most relevant matches; and sanctions lists content.

SWIFT Sanctions Screening solution is currently implemented by 420 entities from 120 countries. Feedback from the financial institutions already using Sanctions Screening is published via the link.


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