SWIFT has won the RegTech Award for Big Data & Analytics in the inaugural Regulation Asia Awards for Excellence 2018 at a ceremony in Singapore on 13 November 2018.
The firm emerged as the winner after a rigorous selection process, involving a judging panel made up of subject-matter experts and the Regulation Asia editorial team.
As regulators continue to introduce more stringent rules, larger penalties and more complex remediation processes for money laundering and terrorism financing, advanced data analytics are increasingly playing a critical role in supporting compliance. Banks need analytics capabilities to identify potential vulnerabilities and immediate risks quickly and efficiently.
SWIFT Compliance Analytics is a tool that enables financial institutions to analyse their payments traffic and obtain a global view of branch and correspondent banking activity across all their group entities. It helps banks with affiliate, counterparty and country risk assessments by providing them with consolidated access to aggregated global, regional and country level data, as well as drill-down capabilities. According to one judge, a single source of rich, standardised data which can provide an overview as well as display the actual details of an individual payment is of immense benefit to banks for avoiding regulatory and reputational risks.
Launched in 2014, SWIFT Compliance Analytics is currently used by 59 institutions. The insights it provides allow them to identify geographical or counterparty trends over time, so that banks can understand where to focus their investigations. Complementing the tool is a correspondent monitoring module can flag suspicious or otherwise unusual activities automatically based on user-defined risk scoring models and push alerts to banks, helping them to prioritise the highest risk counterparty flows.
According to one Compliance Analytics user, it used to take days or weeks to collect, standardise and analyse the data required to look at transaction flows with a certain institution. Now the data is available immediately, allowing banks to quickly identify an entity involved in an unusual transaction and additionally use SWIFT message data to trace its hidden relationships or transactions with other entities.
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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