SWIFT extended its Sanctions Screening service to support all messages used in financial transactions, regardless of format or financial network.
Users can now screen all transaction formats, including Single European Payments Area (SEPA) and Fedwire, 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. The service uses a highly sophisticated screening engine and sanctions list management.
Transactions can be screened against more than 30 of the most important sanctions lists, including lists from the U.S. Office of Foreign Assets Control, the United Kingdom’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.
"Sanctions Screening is a community-based solution that makes transaction screening simple and affordable, even for the smallest institutions," says 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. Nearly 300 institutions in 97 countries have subscribed to the service, including 15 central banks.