SWIFT’s Sanctions Screening Enrols 230+ Customers

SWIFT said that its sanctions screening service has been adopted by more than 230 corporate customers in 88 countries just two years after its introduction as the first solution in the communication platform’s financial crime compliance services portfolio.

Sanctions screening, launched by SWIFT in 2012, is a shared service that screens financial transactions against selected lists, providing small and medium-sized institutions with a reliable, cost-effective means of testing their compliance with sanctions regulations. It features a centrally-hosted screening engine from vendor FircoSoft, and a list management tool.

“Sanctions screening demonstrates the strong demand for SWIFT’s financial crime compliance solutions that help customers increase the effectiveness and efficiency of their compliance activities while reducing cost and risk,” said Nicolas Stuckens, head of sanctions compliance services at SWIFT.

Banks using the sanctions screening service can send their transactions to a screening engine, which filters the messages in real time and checks against the banks’ selected sanctions lists. The service covers the majority of the messages used in cross-border financial transactions and is expected to support all types of financial messages, including single euro payments area (SEPA) payments, in 2015.


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