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SWIFT's new BI tool to help banks manage financial crime risk

Nurdianah Md Nur | May 2, 2014
The tool enables banks to visualise their global transaction flows and identify unexpected patterns or activities.

Banks will now be able to better monitor and address financial crime risks using SWIFT's new business intelligence tool, Compliance Analytics.

As Compliance Analytics aggregates and standardises SWIFT traffic data, it provides banks with an overview of their SWIFT-based activities, including their subsidiaries' activities and their activity with correspondents. Banks will thus be able to easily identify and assess the areas of risk, validate existing processes, and attain a global view of their SWIFT traffic. Besides that, the tool allows banks to develop risk models, set alerts to highlight specific areas of risk within their business, and benchmark themselves against their industry peers.

"Compliance Analytics can help alleviate some of the financial crime compliance challenges impacting the banking community... [as it] enables banks to analyse their existing SWIFT traffic data to detect spikes, outliers or possible policy breaches," said Luc Meurant, head of banking markets and compliance services at SWIFT. "

According to SWIFT, Compliance Analytics is relevant to various departments within the banks including group compliance, anti-money laundering, sanctions, and risk teams. The tool complements SWIFT's existing Sanctions Screening and Sanctions Testing services, as well as its Know Your Customer (KYC) Registry initiative, which will be launched at the end of this year.

 

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