Users can now screen all transaction formats, including SEPA (Single European Payments Area) and Fedwire payments, and transactions sent over networks other than SWIFT.
The extended service also enables greater flexibility and back-office integration, addressing the needs of mid-sized banks and other users that have more complex business and operational requirements.
SWIFT developed Sanctions Screening for institutions that value a hosted solution to support real-time message screening against international sanctions lists.
It says, “The service combines a highly sophisticated screening engine and sanctions list management with SWIFT’s security, reliability and resilience. Transactions can be screened against more than 30 of the most important sanctions lists, including lists from the US Office of Foreign Asset Control, (OFAC), the UK’s HM Treasury, the European Union, and the Hong Kong Monetary Authority. SWIFT performs sanctions list updates at no additional charge, eliminating a major source of cost and risk for customers.”
Sido Bestani, head of Middle East, North Africa and Turkey, SWIFT, said, “As sanctions regulations evolve, the burden of compliance on banks and other institutions is becoming increasingly resource intensive, costly and time-consuming. SWIFT’s enhanced Sanctions Screening service leverages SWIFT’s unique position at the heart of the international payments business to help financial institutions deal with the complexities of compliance in an efficient, real-time and cost-effective way.
“In the MENA region, SWIFT is working closely with the local banking and finance community as they work to ensure compliance with domestic and international regulations.”
SWIFT customers globally are said to be welcoming the enhanced service. “We have used Sanctions Screening since 2012 and greatly value the peace of mind it provides as a key part of our sanctions compliance programme,” said Christine Coffin, head of back office, CPoR Devises. “We have tested the extended service from SWIFT and are very pleased that we can now count on Sanctions Screening for our SEPA payments.”
“Sanctions Screening is a community-based solution that makes transaction screening simple and affordable, even for the smallest institutions,” said Nicolas Stuckens, head of sanctions compliance services, SWIFT. “Extending this service is a natural next step for SWIFT in our vision to support the evolving financial crime compliance needs of the industry.”
SWIFT introduced Sanctions Screening in 2012 as the first offering in its financial crime compliance portfolio. Now, nearly 300 institutions in 97 countries have subscribed to the service, including 15 central banks.