RISK MANAGEMENT

SWIFT Expands Name Screening to Support Institutions in Emerging Markets in Preventing Financial Crime

SWIFT has expanded its Name Screening service to enable smaller firms and institutions in emerging markets to screen customer databases against sanctions and Politically Exposed Persons (PEP) lists to prevent financial crime.

Screening customer names is an important component in institutions’ compliance with sanctions, anti-money laundering (AML), and customer due diligence (CDD) requirements. However, smaller firms and institutions in emerging markets often lack the resources needed to operate and maintain the complex and expensive screening solutions installed at larger organizations.

SWIFT is addressing this need by offering Name Screening, a highly secure, intuitive and easy-to-use solution that helps level the playing field in the fight against financial crime.

Hosted and managed by SWIFT, Name Screening can easily be tailored to address local regulatory requirements and institutional risk policies. SWIFT manages list updates as they occur, enabling banks and corporates to automatically screen databases as part of their business as usual processes, delivering significant efficiencies and effectively mitigating compliance and operational risk.

The service also supports simple, web-based screening of single names to support customer onboarding and due diligence activities. Workflow management and reporting provide customers with an audit trail for additional transparency.

Luc Meurant, Head of Financial Crime Compliance Services, SWIFT, said: “Name Screening will bring an easy-to-use and efficient solution and contribute to protecting the wider payments industry.”

Name Screening builds on SWIFT’s expertise in sanctions screening and testing, as well as its partnership with leading list data provider, Dow Jones. Advanced technology, list data, and world-class security make Name Screening a future-proofed answer to the challenges posed by constantly evolving lists and the shifting geopolitical landscape.

Name Screening builds on the success of SWIFT’s transaction screening solution, Sanctions Screening, which is used by over 750 financial institutions and corporates worldwide.

 

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