SWIFT Launches Sanctions Screening Alerts

brussels-parliament
Founded in Brussels in 1973, SWIFT hopes to ease the burden of regulatory changes.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has launched Sanctions Screening, a centralized service for small- and medium-sized financial institutions to aid with regulatory compliance.

Messages are routed to the centralized screening application, where they are filtered in real time using FircoSoft technology to be checked against the selected sanctions lists before delivery.

"Our industry is faced with increasing regulatory demands that prove a heavy burden on operational costs," says Brigitte De Wilde, head of anti-money laundering (AML) and sanctions initiatives at SWIFT.

"Through our collaboration with FircoSoft for the sanctions filter and lists, we are able to offer a best-in-class service and reduce the hassle of updating lists in back-office systems."

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