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Nepalese banks to utilise SWIFT’s sanctions screening service

Published 10 January 2017

Ten Nepalese banks will utilise 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. The success of the offering validates SWIFT’s vision that compliance services are most efficiently and effectively delivered via a hosted utility model.  

SWIFT India and subcontinents head Kiran Shetty said: “The growing adoption of Sanctions Screening serves as further proof of the need for shared, community-developed solutions to today’s compliance challenges.

“Providing standardised solutions for the benefit of the financial community is at SWIFT’s core, and it translates into increased efficiency, reduced risk and lower maintenance costs for our customers.”

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.

All structured message types can be screened, including FIN, ISO 20022, SEPA, FedWire and other non-SWIFT messages. Matches, or “hits,” are identified immediately and highlighted for further action.

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. Since its launch in 2012, SWIFT’s Sanctions Screening service has been adopted by customers in more than 140 countries, including entire banking communities in Ghana and Nigeria. There are also 20 central banks using the service.

Himalayan Bank chief executive officer Ashoke SJB Rana said: “SWIFT is a valued and trusted partner in our sanctions compliance efforts.  

“Using Sanctions Screening helps us focus on core parts of our business while actively ensuring we are meeting our sanctions compliance obligations, reducing manpower and costs.”

“SWIFT Sanctions Screening is very well tailored to the compliance needs, thanks to SWIFT’s reliability and outstanding customer service. It is definitely one of the most efficient tools we have come across,” said Vishal Rauniyar, Head of Compliance and Operations Risk, Kumari Bank Limited.

“SWIFT Sanctions Screening is easy to implement and user friendly,” says Pramod Dahal, Head Compliance, NMB Bank Limited. “It is a vital component for the financial sector and has added value to AML programmes.”



Source: Company Press Release