SWIFT, the interbank transaction network, announced today that its Sanctions Screening service has reached more than 200 customers, two years after the solution was introduced.
Sanctions Screening is a shared service that screens financial transactions against selected lists, and is targeted toward providing small and midsized institutions with a means of testing their compliance with sanctions regulations. Since its launch in 2012, the service has now been adopted by more than 230 customers in 88 countries, according to Swift.
Banks using the Sanctions Screening service can send their transactions to a screening engine, which filters the messages in real-time and checks against the banks’ selected sanctions lists. The service covers the majority of the messages used in cross-border financial transactions and is expected to support all types of financial messages, including SEPA payments, in 2015, Swift announced.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio