SWIFT Extends Sanctions Screening Programme

SWIFT has extended its sanctions screening programme, in order to protect all messages associated with financial institutions.

Users are now able to screen transaction types, including SEPA, Fedwire and other transactions sent through different networks.

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 (OFAC), the U.K.’s HM Treasury and the European Union. SWIFT’s service also includes updated sanction lists at no extra cost.

“In today’s world, banks need to strengthen their AML/CFT systems with automated and real-time tools that enable effective controls,” says Ramiro Uribe Aleman, chief compliance officer of Banco Economico, Bolivia”.

“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 at 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”.