Toronto - 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 solution that aims to level the playing field in the fight against financial crime. Hosted and managed by SWIFT, Name Screening 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.
The service also supports simple, web-based screening of single names to support customer onboarding and due diligence activities. Workflow management and reporting provide customers with an audit trail for additional transparency.