SWIFT's Sanctions Testing service has been launched. Commerzbank is the first bank to go live with the service, which has been developed in partnership with Omnicision and helps large financial institutions tune their filters in line with their risk appetite, and prove its effectiveness and efficiency.
Dr Andreas Burger, compliance manager at Commerzbank, says: "Effectiveness and efficiency of our sanctions filtering is of paramount importance. The new SWIFT service helps us with constantly testing and improving our systems and processes in order to develop a best-in-class solution."
The service enables banks to: Fully automate the creation and maintenance of test data and results analysis; Measure the effectiveness of systems and reduce the number of false positives; Produce performance reports down to the smallest detail; Obtain real-time alerts and navigation on changes to sanctions lists.
Latest News
-
UK court confirms shutdown of payments firm over crime concerns
-
Visa and OpenAI partner to enable secure agentic AI payments
-
Citi hires new MD for consumer and retail investment
-
Rabobank, ING, Credit Agricole ‘consider stake in Belgium-owned bank’
-
Visa and Mastercard win preliminary approval for $38bn swipe fee settlement
-
UK watchdog investigates auditors linked to collapsed lender MFS
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories