Financial messaging body Swift has pledged to improve the sanctions screening process designed to stop the flow of illegal money transfers by launching an outsourcing service for small banks.
Hope this outsourcing service from SWIFT is mindful of non-English names containing acute, grav, umlaut and other accent symbols, and provides not only an original version of the name that retains the accent symbol but also a pure-English equivalent wherein
the accents are substituted with their correct alternatives. For example, it should list Mu(umlaut)ller in the original German form and the pure-English equivalent of Mueller. If this crucial step is left outside the scope of the outsourcing system, banks
having systems with English-only capabilities will tend to omit the umlaut symbol altogether, thus incorrectly converting the name to Muller, which could result in a True Negative (posing compliance risks) or a False Positive (leading to lost revenue and customer
© Finextra Research 2013