SWIFT Launches Tool To Help Banks Monitor Financial Crime Risk

Tom Burroughes

29 April 2014

Belgium-headquartered , the international financial data communications network, has rolled out Compliance Analytics, a “business intelligence tool” to help banks track the risk of financial crime.

The service is designed so that banks can analyse their SWIFT traffic data to identify suspicious behaviour, unusual patterns or trends in traffic flows, hidden relationships, and significant levels of activity in high-risk areas.

The launch of the service highlights how banks – including those with wealth management capabilities – are under relentless pressure to monitor potentially suspicious transactions. This has become particularly acute as governments seek to crack down further on money laundering, for example.

“There are increasingly high expectations for financial institutions to implement policies and tools that will help identify and prevent financial crime activities,” Luc Meurant, head of banking markets and compliance services at SWIFT, said.

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories.

The issues relating to financial crime continue to stir interest. As uses of big data and analytics proliferate, 21 per cent of respondents say their organisations have no plans to use big data to manage the risk of financial crimes including bribery, corruption and money laundering, according to a Deloitte survey issued this week.

More than 2,100 professionals from industries including consumer and industrial products; technology, media and telecommunications; and, financial services responded to polling questions during a webcast held at the end of January.