Financial institutions face regulatory SWIFT Sanctions Screening is a ready-
pressure to maintain strong sanctions to-use solution that is simple to install We chose SWIFT Sanctions compliance programmes. In some cases, and easy to operate. With no impact Screening because it is correspondent relationships are being on your infrastructure and no software simple to implement and terminated by banks over concerns to maintain, the service is faster to about the risk of noncompliance by their implement and less expensive to run than easy to use. SWIFT counterparties. Smaller institutions feel a locally installed system. Sanctions Screening is very the need to enhance their compliance activities in this context, but finding the Once activated, SWIFT Sanctions effective, user friendly, right solution can be a challenge in terms Screening automatically routes messages works well with our of cost and human resources. in certain predefined categories to a centrally hosted filter where they are other systems, and is Successful sanctions compliance matched against your choice of sanctions supported by SWIFT’s requires a combination of processes, lists. The screening engine checks for systems and human expertise. possible matches, using advanced excellent reputation for Institutions need a reliable, resilient filter technology to detect exact and “fuzzy” security, reliability and to screen transactions, and accurate, matches, such as anagrams, inversion up-to-date sanctions lists. Filters are of letters, missing letters, misspellings, customer service.” expensive to install and maintain, and the abbreviations and phonetic similarities. constant evolution of sanctions lists adds Kheireddine Mermioui, to the complexity, cost and risk. A hosted SWIFT manages the screening engine Head of IT and SWIFT, Arab Maghreb service from a trusted provider can offer and is responsible for configuring and Bank for Investment and Trade the best solution. maintaining the screening algorithm. (BAMIC ALGER) These settings apply to all SWIFT A simple solution for your Sanctions Screening users, making the filter user friendly, while meeting transaction screening needs common needs in terms of regulatory requirements. SWIFT developed Sanctions Screening to address this need for a simple, cost- Your interactions with the service effective transaction screening solution. (configuration, handling of alerts, audits SWIFT Sanctions Screening combines a and reporting) are handled through best-in-class filter with a comprehensive Benefits secured internet access to the SWIFT database of automatically updated Sanctions Screening portal, in line with sanctions lists to deliver a highly Rapid deployment and automatic list SWIFT’s world-class security standards. effective ‘plug and play’ solution. updates Hundreds of institutions worldwide have Cost-effective, subscription-based chosen SWIFT Sanctions Screening service since its introduction in 2012. No hardware or software to install or maintain Real-time screening of all of your transactions Lets you focus resources on core activities Worry-free list management message categories to screen depending Reporting on your internal risk policy. Sanctions lists evolve on a daily basis on The service provides you with a full set average, and one list update can involve The Connector-based approach lets you of reports which includes information dozens or even hundreds of changes. screen all message formats (such as FIN, required for auditing and reporting such ISO 20022 and SEPA), including non- as screening parameters, alert decisions, With SWIFT Sanctions Screening, list SWIFT messages. You can customise most relevant matches, as well as updates are fully managed, including your workflow and meet more specific sanctions list content. quality checks. The service screens requirements. transactions against all major public sanctions lists, including OFAC, United Blocking/non-blocking mode Nations, European Union and HMT lists, “SWIFT Sanctions as well as additional research-based lists SWIFT Sanctions Screening lets you supporting compliance with requirements handle flagged transactions in line with Screening is an easy-to- such as OFAC’s famous ‘50% rule’. You your overall compliance and operational implement, user-friendly select which lists you want applied to processes. The filter can be set in your transactions. blocking or non-blocking mode, by list. and cost-effective service In blocking mode, all suspicious that gives our anti-money In addition to public sanctions lists, transactions are blocked until you provide a decision to release, abort or flag the laundering programme you can maintain your own private lists. You can also set up an individual “good transaction. In non-blocking mode, the added assurance.” guys” list to reduce the volume of alerts SWIFT Sanctions Screening service you receive. generates alerts but does not impact the Jorge Osvaldo López García transaction delivery. Deputy Compliance Director, Grupo Flexible setup options Financiero Banorte Leading-edge technology Sanctions Screening offers two setup choices so you can choose the one that The SWIFT Sanctions Screening core best fits your needs. Both setup choices application is sourced from a market- For more information, please contact are fully hosted by SWIFT. leading vendor with a proven track record your SWIFT account manager or visit in transaction screening. In addition, www.swift.com/sanctionsscreening. The Copy-based approach lets you SWIFT commissions regular independent directly screen incoming and outgoing reviews of the effectiveness of the SWIFT FIN messages. Message categories Sanctions Screening service. The results that can be screened include Trade, of these reviews are available to service Payments, Securities, FX and Treasury users. messages. You can decide which
Screening is seamlessly integrated into Query/response screening
SWIFT’s central FIN message flow of all transaction types
Timeframe Few weeks Timeframe Few months
Installation Zero Installation Simple 57410 - March 2019