Cash & Liquidity ManagementPaymentsSWIFTSWIFT’s Sanctions Screening Enrols 230+ Customers

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.

Related Articles

How digital networks can cut through 'corporate cholesterol'

Payments How digital networks can cut through 'corporate cholesterol'

3d Julie Gerdeman
Worldpay and Mastercard to team up for payments platform

Payments Worldpay and Mastercard to team up for payments platform

4d GTNews
GIMAC and Terrapay announce real-time payments for Central Africa

Electronic/Mobile GIMAC and Terrapay announce real-time payments for Central Africa

1w GTNews
Why staff credit cards can bolster expense fraud defences

Payment Cards Why staff credit cards can bolster expense fraud defences

2w Guest Writer
Gresham acquires payments specialist B2 Group

Payments Gresham acquires payments specialist B2 Group

2w GTNews
Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

SWIFT Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

2m SWIFT
Commercial cards on the rise: BOAML

Payments Commercial cards on the rise: BOAML

2m Victoria Beckett
US County tax collector to accept bitcoin payments

Payments US County tax collector to accept bitcoin payments

2m Laura Noble