SWIFT Awarded Best Solution in PEPs & Sanctions Screening

Singapore/Hong Kong, 9 December 2021 – SWIFT won Best Solution in the PEPs & Sanctions Screening category in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021.  

SWIFT has offered a Sanctions Testing Service (STS) since 2012 to help financial institutions to assess the effectiveness and efficiency of their sanctions filters and identify any issues that need fixing or areas in need of improvement. STS uses full list testing rather than sample testing to help banks identify issues in all their hits and misses, enabling them to continuously improve their sanctions screening programmes, reduce false positives, defend their risk policies, and demonstrate to management and regulators that their filters are working appropriately. 

The analysis tools and derivation models built into STS allow financial institutions to load their results files and visualise the true performance of their filters to the test parameters and settings, as well as benchmark their performance against peers. In addition, Latin character matching provides support for testing using any combination of languages and scripts. Because SWIFT maintains copies of every sanctions and PEPs list historically, STS can also back-test point-in-time sanctions compliance.  

This year, SWIFT has additionally launched a hosted real-time screening solution – SWIFT Transaction Screening – which leverages the lists data already available to STS. The new solution combines a web-based screening application, automatic list updates, an alert management service, and API integration capabilities, as well as sophisticated rules and configuration options to allow banks to further minimise false positives and improve alert quality.  

SWIFT Transaction Screening is designed to facilitate the move to instant and frictionless payments, while also ensuring preparation for the November 2022 migration to ISO 20022, which will entail additional fields, richer data, and more structured payment messages. All payments and reporting in high-value, instant and other domestic payment schemes globally will eventually be using ISO 20022 as the new de facto messaging standard. 

“Banks need to prepare for how they will screen ISO 20022 messages because the additional data can improve the efficiency and effectiveness of their screening programmes,” a judge on the awards panel said. “We know from the Sanctions Testing Service that SWIFT lists data are comprehensive and complete. The Transaction Screening solution is itself well-tested, fairly priced to account for cost sensitive markets, and will become a new industry standard.” 

About the Regulation Asia Awards for Excellence 2021 

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help to ensure the highest standards for regulatory compliance are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.  

For a full list of the award 2021 winners, visit www.regulationasia.com/awards. 

About Regulation Asia 

Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.  

Visit www.regulationasia.com or connect via LinkedIn or Twitter. 

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