About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Swift Sanctions Screening Service Falls Below Big Bank Grade

Subscribe to our newsletter

Swift’s sanctions screening service, which is due to go live in December this year, failed to win interest from large financial services organisations when first mooted and has instead been geared towards small and medium sized banks. Brigitte De Wilde, head of anti-money laundering and sanctions for Swift, explains to Reference Data Review that a study of a sanctions utility for large organisations did not deliver a business case for larger banks that are looking for more than a standard service and want in-house flexibility to change sanction settings.

De Wilde indicates that many large banks have already developed their own in-house solutions for sanctions. Accordingly, instead, Swift will market its service to organisations that handle 50 to 1,000 transactions that must be screened every day: the market slice where it found most interest for a simple service that allows smaller companies to comply with sanctions, while avoiding the cost and time consumed in keeping up with frequently updated sanctions lists.

The Swift service will be based on a filtering application and list update service provided by Sword FircoSoft, which won the business in a competitive RFP process, and will be offered on a subscription basis. Pricing has yet to be finalised, although De Wilde suggests it will fall between the €2,000 to €3,000 cost of a typical manual service and the cost for a bank to run its own instance of sanction screening software in-house.

Users of the service will be able to request selected Swift FIN messages to be routed to the centralised screening application, where they will be filtered in real time and checked against customers’ selected sanctions lists. If there is no match to the sanctions list, the message will be delivered as usual. If there is a match, customers will be asked to instruct Swift whether to release, abort or flag the message using an alert management system.

“The important thing here is that Swift does not make any calls on transactions. The customer keeps the decision process within its own organisation, reviewing any alerts through the sanctions service portal and deciding whether alerts are false positive or true positive and require transactions to be stopped and then aborted,” explains De Wilde.

The timing of the service introduction allows for Swift’s annual update of standards in November and De Wilde expects good take-up. She acknowledges competition from services offered by bureaus connected to the Swift network, but concludes: “This is zero footprint for clients and Swift probably exceeds levels of customer trust found elsewhere.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Taking a holistic approach to buy-side data management

Date: 7 February 2023 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes As data volumes and complexity continue to increase, buy-side data management is at an inflection point. Manual processes and data siloes are no longer fit for purpose, and firms need to take a more holistic approach to data management...

BLOG

A-Team Group’s Data Management Summit is Back in Town – Don’t Miss It!

A-Team Group will be live in London on Wednesday 11 May hosting its renowned Data Management Summit – and you are invited. This year’s London event will push the boundaries, with leading data practitioners, innovators and vendors covering everything from data-driven business strategy to data monetisation, perpetual KYC, data fabric, ESG data, value-added data governance,...

EVENT

Data Management Summit New York

Now in its 13th year, the Data Management Summit (DMS) in New York brings together the North American, capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Regulatory Data Handbook 2018/2019 – Sixth Edition

In a testament to the enduring popularity of the A-Team Regulatory Data Handbook, we are delighted to publish a sixth edition for 2018-19 of our comprehensive guide to all the regulations and rules that might impact data and data management at your institution. As in previous editions of the Regulatory Data Handbook, we have updated...