30 August 2016
Find out more

Swift launches tool to help banks manage financial crime risk

29 April 2014  |  6232 views  |  0 Swift logo web screen shot

Swift continues to build up its compliance unit through the launch of a business intelligence tool that lets banks comb through their own Swift traffic data in search of financial crime risks.

Through Compliance Analytics, banks get access to a single source of rich, standardised data, providing them with an overview of their Swift-based activity.

Clients can analyse their Swift traffic data to identify anomalies in behaviour, unusual patterns or trends in traffic flows, hidden relationships, and significant levels of activity in high-risk areas.

Not only will the tool enable banks to identify and assess areas of risk, validate existing processes, and attain a global view of their traffic, it will also help them to develop risk models, set alerts and benchmark themselves against their industry peers.

Swift has been making an aggressive move into the compliance arena, recently setting up a dedicated unit and outlining plans for a global KYC Registry, a centralised utility for the collection and distribution of standard information required by banks as part of their due diligence processes.

Last month the interbank messaging network acquired Omnicision, gaining the financial crime prevention services firm's sanctions testing product as well as experts focused on anti-money laundering and Know Your Customer.

Swift says that Compliance Analytics compliments the KYC Registry initiative as well as its sanctions screening and testing services.

Javier Pérez-Tasso, chief marketing officer, Swift, says: "The new tool fits nicely with Swift's existing Compliance Services portfolio and is another example of Swift's commitment to helping the industry cope with new requirements in the area of financial crime compliance."

Swift's investment in the compliance space is emphasised at the interbank network's Business Forum in London today, where financial crime and compliance tops the agenda at the day-long event. Finextra is live-blogging the full programme and debate throughout Tuesday.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift Business Forum - London 2014 - Live Blog

Swift Business Forum - London 2014 - Live Blog

29 April 2014  |  11131 views  |  0 comments | 2 tweets | 2 linkedin
Swift boosts compliance services portfolio with Omnicision acquisition

Swift boosts compliance services portfolio with Omnicision acquisition

27 March 2014  |  5060 views  |  0 comments | 3 tweets | 4 linkedin
Thomson Reuters joins KYC utility race

Thomson Reuters joins KYC utility race

19 March 2014  |  11361 views  |  2 comments | 9 tweets | 10 linkedin
Swift signs major banks to KYC Registry

Swift signs major banks to KYC Registry

04 March 2014  |  9558 views  |  2 comments | 11 tweets | 12 linkedin
Swift to move into compliance space with KYC Registry

Swift to move into compliance space with KYC Registry

07 January 2014  |  10278 views  |  2 comments | 16 tweets | 27 linkedin
Swift bids to carve out space in regulatory compliance

Swift bids to carve out space in regulatory compliance

17 September 2013  |  8650 views  |  0 comments | 5 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit VocaLink.comVisit equens.com

Top topics

Most viewed Most shared
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
8828 views comments | 22 tweets | 25 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6592 views comments | 14 tweets | 14 linkedin
Cultural change crucial in digital transformationCultural change crucial in digital transfo...
6375 views comments | 11 tweets | 10 linkedin
Mondo becomes MonzoMondo becomes Monzo
6125 views comments | 14 tweets | 8 linkedin
hands typing furiouslyBlockchain: Some Remarkable Announcements!
5715 views 0 | 5 tweets | 10 linkedin

Featured job

Find your next job