SWIFT has said it will launch a new hosted cloud service, Name Screening, designed to allow online search engine-style lookup of individual names. Developed to address the needs of small to midsized banks, investment managers and corporates, the service will complement Sanctions Screening, SWIFT’s hosted transaction screening tool. The new service will screen against governmental sanctions lists and firms’ proprietary lists, as well as against lists of PEPs (Politically Exposed Persons) and RCAs (Relatives and Close Associates) supplied by Dow Jones’ Risk and Compliance data. Over time, Name Screening will expand to include automated batch screening of entire databases, such as consumer and supplier lists. Name Screening is built around intuitive, easy-to-use case management, a world-class screening engine and advanced list technology in which SWIFT standardizes public sanctions lists to increase accuracy and reduce false positives. By providing hosted utility service options to screen client and supplier names, SWIFT will enable both financial institutions and corporate entities to achieve effective sanctions compliance and customer due diligence.
