6 Best Practices for Improving AML Screening
Analyze SWIFT Data
Some banks put standardized code words at the beginning of each line of SWIFT payment instruction, the paper reports, which can help keep related data together and reduce false positives. In addition, screening fields in a SWIFT instruction don't have data that could generate a legitimate match. For instance, field 30 in a SWIFT instruction is a value date that could be accidentally matched to a passport number, the paper explains.