RiskOperational RiskSWIFT Enhances Sanctions Testing Service

SWIFT Enhances Sanctions Testing Service

Financial messaging services provider SWIFT has added peer assessment to its sanctions testing service. The service is used by financial institutions (FIs) to optimise the performance of their transaction and customer screening systems by analysing whether their systems are operating correctly and detects illicit transactions or sanctioned customers.

Peer assessment is an optional add-on to the sanctions testing offering by enabling FIs to compare the performance of their sanctions filters against those of other participating institutions. It uses a performance baseline of aggregated data from other sanctions testing users with similar business characteristics.

SWIFT added that the baseline will be extended and evolve over time as banks join the service, and the community-driven initiative broadens the scope of performance assessment and operational practices.

“Many FIs are already using SWIFT’s sanctions testing to improve the effectiveness and efficiency of their sanctions compliance systems,” said Tony Wicks, sanctions testing product manager, SWIFT.

“The addition of peer assessment provides further transparency by enabling banks to see how their systems perform against other banks with similar business characteristics. It will also contribute to the development of market practices.”

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