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Digital Identity, Security & Online Fraud

Nepalese banks to use SWIFT service to support sanctions compliance

Monday 9 January 2017 | 11:57 AM CET

Ten Nepalese banks have announced the use of SWIFT`s Sanctions Screening service to support their sanctions compliance.

The 10 banks will join the nearly 600 firms currently using the service, which was launched in 2012 as the first solution in SWIFT's financial crime compliance portfolio.

SWIFT's Compliance Services unit manages a portfolio of financial crime compliance services in the areas of sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML). The portfolio includes Sanctions Screening and Sanctions Testing services, Compliance Analytics and The KYC Registry.

Sanctions Screening is a hosted utility service that screens financial transactions in real-time against more than 30 up-to-date lists of sanctioned individuals and entities from all the major regulatory bodies, including OFAC, the United Nations, and the European Union. The service is designed for the needs of small to mid-size financial institutions as well as corporations, high-volume payments businesses and central banks.

Customers in more than 140 countries, including entire banking communities in Ghana and Nigeria, have adopted SWIFT’s Sanctions Screening service. There are also 20 central banks using the service.

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