Joel Lange, Dow Jones
"The integration of Dow Jones's sanctions data within the SWIFT Sanctions Testing service will give companies the reassurance that they have tested their processes against the most comprehensive of databases."
London - Dow Jones has announced that SWIFT's Sanction Testing service will now include Dow Jones's sanctions data, a portfolio of highly structured lists that can help financial institutions manage the impact of enhanced international payment formats by reducing false positives and duplicate alerts without increasing exposure to risk.
SWIFT's Sanctions Testing service enables financial institutions to optimise the performance of their transaction and customer screening systems by analysing whether their systems are able to detect illicit transactions or sanctioned customers. It also helps institutions increase efficiency and cut operational costs by reducing false-positive rates.
Through the integration of Dow Jones's sanctions data into SWIFT's Sanction Testing service, Sanction Testing customers will be able to test their system's performance against a broader group of sanctions lists. In addition, the agreement will enable Dow Jones Sanctions data users to use Sanctions Testing more quickly and efficiently.
"The calibre of Dow Jones's sanctions data is a welcome addition to our Sanctions Testing list portfolio," said Tony Wicks, Sanctions Testing Product Manager, SWIFT. "Sanctions Testing helps financial institutions optimise the performance of their transaction and customer screening systems. This agreement broadens the scope of lists that we offer, extends the coverage of tests that we can provide and makes the sanctions testing process even quicker and easier for our users."
"As global banks come under increasing pressure to ensure their sanctions testing processes meet regulation standards, the integration of Dow Jones's sanctions data within the SWIFT Sanctions Testing service will give companies the reassurance that they have tested their processes against the most comprehensive of databases," said Joel Lange, managing director of Dow Jones Risk & Compliance.
Global data within the Dow Jones sanctions portfolio includes sanctions lists from the most prominent regulatory bodies in North America, Europe, Asia, Australia and the United Nations Sanctions Committees. In addition, it includes prominent U.S. lists such as FBI Most Wanted, FINCEN Section 311 and trade compliance exclusion lists from the Bureau of Industry and Security and the Directorate of Defense Trade Controls.