News 

Friday, October 20, 2017 

SWIFT expands Name Screening to support small firms

KAMPALA, UGANDA- SWIFT has expanded its Name Screening service to
enable smaller firms and institutions in emerging markets to screen
customer databases against sanctions and Politically Exposed Persons
(PEP) lists to prevent financial crime.
 Screening customer names is an important component in institutions’
compliance with sanctions, anti-money laundering (AML), and customer
due diligence (CDD) requirements. However, 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.
SWIFT is addressing this need by offering Name Screening, a highly
secure, intuitive and easy-to-use solution that helps level the
playing field in the fight against financial crime. Hosted and managed
by SWIFT, Name Screening can easily 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 business
as usual processes, delivering significant efficiencies and
effectively mitigating compliance and operational risk. The service
also supports simple, web-based screening of single names to support
customer on boarding and due diligence activities. Workflow management
and reporting provide customers with an audit trail for additional
transparency.
Luc Meurant, Head of Financial Crime Compliance Services, SWIFT, said:
“SWIFT is committed to delivering solutions that support institutions
of all sizes, regardless of location, in the fight against financial
crime. As the latest addition to our compliance services suite, Name
Screening will bring an easy-to-use and efficient solution and
contribute to protecting the wider payments industry.”
Name Screening builds on SWIFT’s expertise in sanctions screening and
testing, as well as its partnership with leading list data provider,
Dow Jones. Advanced technology, list data, and world-class security
make Name Screening a future-proofed answer to the challenges posed by
constantly evolving lists and the shifting geopolitical landscape.
 Name Screening builds on the success of SWIFT’s transaction screening
solution, Sanctions Screening, which is used by over 750 financial
institutions and corporates worldwide.

By BY EABW REPORTER, Friday, October 20th, 2017