Swift Compliance Analytics
Compliance Analytics offers a clear view of your Swift payment traffic, helping with KYC, anti-money laundering, and sanctions compliance. It alerts you to unusual spikes or potential policy breaches, identifies downstream activities, and provides graphical trends for focused investigations. Evaluate correspondent relationships with ease, ensuring due diligence across all transactions.
Benefits
Frequently Asked Questions
Who needs Compliance Analytics?
Compliance Analytics provides valuable insights for AML, sanctions, KYC, audit, financial intelligence and risk teams. Compliance Analytics’ global, cross-entity views and reports are particularly useful for anyone overseeing financial crime compliance at a group level.
What is the base data used in Compliance Analytics?
Compliance Analytics uses aggregated data for payments messages sent over Swift. The information used for analysis provides compliance-related insights, including the originator and beneficiary banks for payments, as well as the status and evolution of RMA relationships. We update the data monthly.
We also use data to benchmark your institution’s activity and show, for example, your share of traffic in high-risk corridors.
We already have systems in place to screen and/or monitor transactions. Why would we need Compliance Analytics?
Compliance Analytics doesn’t replace your existing controls and monitoring applications. It provides organisational oversight, showing activity levels and alerting you to trends or changing behaviours that may need investigating. It can help pinpoint risks that may not be visible in subsidiary-level views or screening, allowing teams to focus on areas of particular risk and prioritise resources for greater effectiveness and efficiency. By following trends, it also provides early warning of emerging issues.
Is there a data privacy issue with the way Compliance Analytics uses customer data?
You always maintain full ownership and control of your information. We only analyse an individual bank’s data at their request to provide a global overview of trends within their institution. We use our total activity volumes for benchmarking – this is aggregated data and can’t be broken down by individual institutions. Our community has approved the use of aggregated data in this way.
Is my data secure?
Compliance Analytics data is hosted in a secure Swift environment and can only be accessed through your secure login.
Will you share any of the data or analysis with regulators?
We provide neutral and objective data to data owners, along with the tools and technology to analyse this data. You always maintain full ownership and control of your information. It’s up to you to manage your specific compliance activities and relationships with regulators.
How does Compliance Analytics compare with other Swift compliance services?
Compliance Analytics is part of our financial crime compliance services portfolio, which also includes: The KYC Registry, which addresses Know Your Customer (KYC) compliance; Sanctions Screening, Sanctions Testing and Sanctions List Monitor, which address sanctions compliance.
Rather than focusing on a specific area of compliance (such as KYC compliance) or a specific compliance process (such as transaction screening), Compliance Analytics provides data and analytics tools that you can use to identify potential risks and better focus your compliance activities and resources.
Why is Swift involved with financial crime compliance?
Our services are designed to be complementary and address customer needs in the areas of AML, KYC and sanctions compliance. For example, Compliance Analytics enables banks to review risk ratings for their correspondents. This then allows them to assess and evolve their KYC activities for higher-risk clients.
