SWIFT opens up name screening service to prevent trade-based financial crime

Online messaging platform SWIFT has opened up its name screening service smaller firms and institutions in emerging markets.

This will enable them to screen customer databases against sanctions and politically exposed persons lists to prevent trade-based financial crime.

Vital resource

Screening customer names is considered an important component in institutions’ compliance with sanctions, anti-money laundering and customer due diligence requirements.

But according to SWIFT, 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 organisations.

Secure and intuitive

The online messaging platform says it is addressing this need by offering to smaller firms and institutions its name screening service.

SWIFT says this is a highly secure, intuitive and easy to use solution in the fight against financial crime.

Service delivery

Hosted and managed by SWIFT, the name screening service can 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 risk management and compliance processes.



Categories: Trade Based Financial crimes News