GovernanceRegulationSWIFT and Omnicision to Launch Sanctions Testing Service

SWIFT and Omnicision to Launch Sanctions Testing Service

SWIFT said that it will partner with consulting services group Omnicision to deliver its sanctions testing service, an application that integrates the testing and tuning of sanctions filters to help banks operate a more effective and efficient sanctions environment.

It described the SWIFT sanctions testing service as providing banks with the ability to measure the effectiveness of their systems and reduce their number of false positives. Through a process that integrates testing and tuning, users can verify that their systems work as expected and are aligned with their risk appetite. A team of professionals is offered to help users make the most of the service.

SWIFT added that the launch takes place at a time when the need to comply with sanctions requirements has never been more evident. Banks can be exposed to significant fines and costly remedial actions for sanctions control failures. For global organisations, multiple sanctions lists are needed that evolve daily, and screening systems have to be precisely tuned in order to deliver operational and detection effectiveness.

Sanctions testing is an application that automates the creation and maintenance of test data and result analysis. Users can manage their own testing programme and produce performance reports in comprehensive detail. The application also provides real-time alerts and navigation on changes to sanctions lists.

The service is scheduled to go live in September 2012, and follows the launch by SWIFT earlier this year of sanctions screening, a centralised service enabling small and medium-sized financial institutions to comply with sanctions regulations.

Related Articles

Is disintermediation coming? A video case study into the emerging utility model

Banking Is disintermediation coming? A video case study into the emerging utility model

3h David Beach
What can banks learn from the TSB IT disaster?

Banking Risk Management What can banks learn from the TSB IT disaster?

2w Mark Hipperson
Green finance is seeing a 'fundamental shift': SEB Bank

Banking Green finance is seeing a 'fundamental shift': SEB Bank

2w Victoria Beckett
Australia's non-bank lending boom

Open Banking Australia's non-bank lending boom

4w Paul Mitchel
PSD2 - banking on a game changer in ecommerce

Open Banking PSD2 - banking on a game changer in ecommerce

4w Rachel Gauci
How thinking like a fintech can maximize Open Banking opportunity

Banking How thinking like a fintech can maximize Open Banking opportunity

1m Nick White
Open Banking - a brave new world of opportunities and challenges

Open Banking Open Banking - a brave new world of opportunities and challenges

2m Yamini Kona
What the HSBC news means for the SWIFT vs Ripple debate

Banking What the HSBC news means for the SWIFT vs Ripple debate

2m David Beach