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SWIFT in Compliance
Sanctions – AML
24x7 – Highly Resillient – Secure - Transparent
1
17. June 2014
2
Community Solutions For Community Challenges
Financial crime is top of
the agenda for banks
Financial crime is top of
the agenda for banks
Significant costs
at stake….
Significant costs
at stake….
All geographies / All types
of players impacted
All geographies / All types
of players impacted
... Yet no competitive
advantage for banks
... Yet no competitive
advantage for banks
Lots of duplication…
… for universal challenges
Lots of duplication…
… for universal challenges
FATF 16 Information quality
Compliance Analytics
Sanctions list
Mngt service
Sanctions KYC AML
Processing
services
Traffic
analysis
Standards
Data
repositories
KYC registry
AML testing &
tuning
Sanctions
Screening
Sanctions Testing & tuning
(transaction & client systems)
Traffic restriction
(RMA)
Financial Crime Compliance Roadmap
Live
Development
Qualification
Exploration
Quality
Assurance
Client/Name screening
3
A hosted platform service
Sanctions Screening
 Regulatory scrutiny and enforcement
of sanctions policies is increasing
 Available screening solutions
complex and costly to maintain
 Operational challenge for financial
institutions
Context around Sanctions screening
SWIFT
Sanctions
Screening
service
5
• Screening engine & user interface
• Centrally hosted and operated by SWIFT
• No local software installation & integration
• Real-time
• Sanctions List update service
• Screening engine & user interface
• Centrally hosted and operated by SWIFT
• No local software installation & integration
• Real-time
• Sanctions List update service
Sanctions screening over SWIFT
Your institution
Your correspondents
6
Screening engineSanctions Portal
SWIFT Network
FINcopy
Transaction is
copied
Decision to deliver (no hit / false positive)
or abort transaction (true hit)
Transaction abort notification (true hit)
1
5
Service
user
Sending institution
Managed by SWIFT
Service overview – as a sender
7
Outgoing transaction
1
3
2 4
Transaction is delivered
as-is (no hit or false positive)
Receiving
institution
Service overview – as a receiver
8
Service
user
Transaction is
copied
Transaction is delivered
as-is (no hit or false positive)
Instruction to deliver
transaction
Transaction is delivered
flagged (true hit)
2 4
Outgoing transaction
1
Sending institution
1
1
Receiving
institution
Screening engine Sanctions Portal
Managed by SWIFT
SWIFT Network
FINcopy
Public, Private & Good Guys Lists
9
Public Lists
29 Public Sanctions
lists supported
Private List Good Guys List
• AU – Australia Department of Foreign Affairs and Trade
• AU - DFAT Countries Embargoes
• AU - DFAT Iran Specified Entities List
• CA – Canada Foreign Affairs and International Trade
• CA - FAIT Countries Embargoes
• CA - Office of the Superintendent of Financial Institutions
• CA - OSFI - United Nations Act Sanctions
• CN - People's Republic of China - Ministry of Public Security
• EU - EUROPE Countries Embargoes
• EU - European Official Journal
• FR - Journal Officiel français
• HK - Hong Kong Monetary Authority
• HK - HKMA Countries Embargoes
• JP - Ministry of Finance
• NL - Frozen Assets List - Dutch Government
• NZ - New Zealand Police
• SG - Singapore MAS - Investor Alert List
• CH - Switzerland Secrétariat d’Etat à l’Economie
• CH - SECO Countries Embargoes
• UK - Her Majestys Treasury
• UK - HMT Countries Embargoes
• UN - United Nations
• UN - UN Countries Embargoes
• US - Office of Foreign Assets Control SDN list
• US - OFAC Palestinian Legislative Council
• US - OFAC Part 561 list
• US - OFAC Foreign Sanctions Evaders
• US - Financial Crimes Enforcement Network
• US - OFAC Countries Embargoes
16 June 2014
199 contracts
83 countries
Expand the Functionality
• SWIFT FIN Securities (Cat 5)
• SWIFT FIN Treasury (Cat 3)
• SEPA
• EBICS
• And Others…
Provide a Full Offering
• A Complementary Product
• Screen Your Customer Data base
– Sanctions Lists
– PEP Lists
– Private and Other Lists
Screening of
Any Format
(SAF)
SWIFT’s Sanctions Screening – Future Updates
Customer
Screening
Expand
Functionality
& Capability
Optimize your filter for
effectiveness and efficiency
Sanctions Testing
In a world of unprecedented complexity
and change:
• How can I ensure my screening solution works?
• How can I demonstrate I understand my solution and how it
mitigates risks?
• How can I make my screening solution more effective – and
more efficient?
Banks face a sanctions compliance
challenge
Effectiveness
• Provide assurance that your
system works
• Measure system’s fuzzy
matching performance
• Assess coverage of sanctions lists
• Align screening system to your
risk appetite
Efficiency
• Reduce false positives
through iterative testing
• Build optimisation tests into
your processes
Testing
Meeting regulatory demands
Tuning
Managing cost and resources
Sanctions compliance – balancing
priorities
with
• Outdated lists
• Missing entry
types
• Missing entries
• Language
variants not
screened
correctly
• Deleted records
still screened
• List scope
• incorrect or not
aligned with bank
policy
• Inconsistent
implementation
across filters
• Entity and alias
types screened
unnecessarily
• Inconsistent
screening
performance across
message types
• Message or file
elements not
screened properly
• Overreliance on
specific fields (e.g.
address or country)
• Poor fuzzy
matching
performance
• Line break, word
order, sequences
• Poor performance
against particular
entries (short or
long names,
aliases)
• Character set
matching issues
15
Issues identified through testing
Sanctions Lists
Quality
Screening
Policy
Message
Types
Filter
Weakness
Formats
Settings
Lists
Automate • Repeat • Compare • Monitor
Sanctions testing process
Define
test objective
Download
test objective
Process
test files
Upload
hit results
View
test results
The one-off assessment report
17
This report offers a
One-off Assessment of an
Institution’s Sanctions Environment.
It serves both
Regulatory & Internal Audit purposes.
Several predefined tests are executed
and the bank gets a report with
Test results, Observations and Recommendations.
18
The one-off assessment report portfolio
Audit ASSESSMENT Evaluation ASSESSMENT
Scope&
Purpose
Deliverables
• Constrained Audit
• Internal & external
regulatory purposes
Formal Report
• Comments and
Explanations
• Evaluation of filter
performance
• Identification of areas
for improvement
Formal Report
• Findings,
Recommendations
& Remediation plan

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SWIFT in Compliance - Sanctions, AML

  • 1. SWIFT in Compliance Sanctions – AML 24x7 – Highly Resillient – Secure - Transparent 1 17. June 2014
  • 2. 2 Community Solutions For Community Challenges Financial crime is top of the agenda for banks Financial crime is top of the agenda for banks Significant costs at stake…. Significant costs at stake…. All geographies / All types of players impacted All geographies / All types of players impacted ... Yet no competitive advantage for banks ... Yet no competitive advantage for banks Lots of duplication… … for universal challenges Lots of duplication… … for universal challenges
  • 3. FATF 16 Information quality Compliance Analytics Sanctions list Mngt service Sanctions KYC AML Processing services Traffic analysis Standards Data repositories KYC registry AML testing & tuning Sanctions Screening Sanctions Testing & tuning (transaction & client systems) Traffic restriction (RMA) Financial Crime Compliance Roadmap Live Development Qualification Exploration Quality Assurance Client/Name screening 3
  • 4. A hosted platform service Sanctions Screening
  • 5.  Regulatory scrutiny and enforcement of sanctions policies is increasing  Available screening solutions complex and costly to maintain  Operational challenge for financial institutions Context around Sanctions screening SWIFT Sanctions Screening service 5
  • 6. • Screening engine & user interface • Centrally hosted and operated by SWIFT • No local software installation & integration • Real-time • Sanctions List update service • Screening engine & user interface • Centrally hosted and operated by SWIFT • No local software installation & integration • Real-time • Sanctions List update service Sanctions screening over SWIFT Your institution Your correspondents 6
  • 7. Screening engineSanctions Portal SWIFT Network FINcopy Transaction is copied Decision to deliver (no hit / false positive) or abort transaction (true hit) Transaction abort notification (true hit) 1 5 Service user Sending institution Managed by SWIFT Service overview – as a sender 7 Outgoing transaction 1 3 2 4 Transaction is delivered as-is (no hit or false positive) Receiving institution
  • 8. Service overview – as a receiver 8 Service user Transaction is copied Transaction is delivered as-is (no hit or false positive) Instruction to deliver transaction Transaction is delivered flagged (true hit) 2 4 Outgoing transaction 1 Sending institution 1 1 Receiving institution Screening engine Sanctions Portal Managed by SWIFT SWIFT Network FINcopy
  • 9. Public, Private & Good Guys Lists 9 Public Lists 29 Public Sanctions lists supported Private List Good Guys List • AU – Australia Department of Foreign Affairs and Trade • AU - DFAT Countries Embargoes • AU - DFAT Iran Specified Entities List • CA – Canada Foreign Affairs and International Trade • CA - FAIT Countries Embargoes • CA - Office of the Superintendent of Financial Institutions • CA - OSFI - United Nations Act Sanctions • CN - People's Republic of China - Ministry of Public Security • EU - EUROPE Countries Embargoes • EU - European Official Journal • FR - Journal Officiel français • HK - Hong Kong Monetary Authority • HK - HKMA Countries Embargoes • JP - Ministry of Finance • NL - Frozen Assets List - Dutch Government • NZ - New Zealand Police • SG - Singapore MAS - Investor Alert List • CH - Switzerland Secrétariat d’Etat à l’Economie • CH - SECO Countries Embargoes • UK - Her Majestys Treasury • UK - HMT Countries Embargoes • UN - United Nations • UN - UN Countries Embargoes • US - Office of Foreign Assets Control SDN list • US - OFAC Palestinian Legislative Council • US - OFAC Part 561 list • US - OFAC Foreign Sanctions Evaders • US - Financial Crimes Enforcement Network • US - OFAC Countries Embargoes
  • 10. 16 June 2014 199 contracts 83 countries
  • 11. Expand the Functionality • SWIFT FIN Securities (Cat 5) • SWIFT FIN Treasury (Cat 3) • SEPA • EBICS • And Others… Provide a Full Offering • A Complementary Product • Screen Your Customer Data base – Sanctions Lists – PEP Lists – Private and Other Lists Screening of Any Format (SAF) SWIFT’s Sanctions Screening – Future Updates Customer Screening Expand Functionality & Capability
  • 12. Optimize your filter for effectiveness and efficiency Sanctions Testing
  • 13. In a world of unprecedented complexity and change: • How can I ensure my screening solution works? • How can I demonstrate I understand my solution and how it mitigates risks? • How can I make my screening solution more effective – and more efficient? Banks face a sanctions compliance challenge
  • 14. Effectiveness • Provide assurance that your system works • Measure system’s fuzzy matching performance • Assess coverage of sanctions lists • Align screening system to your risk appetite Efficiency • Reduce false positives through iterative testing • Build optimisation tests into your processes Testing Meeting regulatory demands Tuning Managing cost and resources Sanctions compliance – balancing priorities with
  • 15. • Outdated lists • Missing entry types • Missing entries • Language variants not screened correctly • Deleted records still screened • List scope • incorrect or not aligned with bank policy • Inconsistent implementation across filters • Entity and alias types screened unnecessarily • Inconsistent screening performance across message types • Message or file elements not screened properly • Overreliance on specific fields (e.g. address or country) • Poor fuzzy matching performance • Line break, word order, sequences • Poor performance against particular entries (short or long names, aliases) • Character set matching issues 15 Issues identified through testing Sanctions Lists Quality Screening Policy Message Types Filter Weakness
  • 16. Formats Settings Lists Automate • Repeat • Compare • Monitor Sanctions testing process Define test objective Download test objective Process test files Upload hit results View test results
  • 17. The one-off assessment report 17 This report offers a One-off Assessment of an Institution’s Sanctions Environment. It serves both Regulatory & Internal Audit purposes. Several predefined tests are executed and the bank gets a report with Test results, Observations and Recommendations.
  • 18. 18 The one-off assessment report portfolio Audit ASSESSMENT Evaluation ASSESSMENT Scope& Purpose Deliverables • Constrained Audit • Internal & external regulatory purposes Formal Report • Comments and Explanations • Evaluation of filter performance • Identification of areas for improvement Formal Report • Findings, Recommendations & Remediation plan