International seminar SWIFT Compliance & SWIFTRef Event was held in Kiev on 14 March.
More than 70 representatives of banks from Ukraine and Moldova took part in the event: specialists of financial monitoring departments, AML, compliance, correspondent relations and international business.
Speakers presented new SWIFT services, as well as shared experience and possibilities of using current SWIFT solutions.
The seminar was opened by Gizem Tansu, Commercial Manager Financial Crime Compliance Initiatives, EMEA. Gizem noted that today SWIFT products cover all the banks' needs in the field of Anti Money Laundering and financial fraud. Gizem Tansu emphasized the importance of meeting with representatives of the banking community of Ukraine and Moldova.
Detailed information about SWIFT Compliance services was delivered by the speakers of ProFIX Company and UkrSWIFT Association.
Dmitry Dyachkovsky, Vice Director of the Association UkrSWIFT, shared news about the SWIFT KYC Registry service – a global database of correspondent banks. Since launching the product in December 2014, more than 3,600 institutions have evaluated the benefits of the KYC Registry platform. Any bank can place its documentation in the SWIFT database and share information about itself with trusted counterparties for free.
As a token of gratitude for the participation of KYC Registry, SWIFT gives all users five KYC profiles for free. The offer is valid until the end of 2017 for all participants who will fill 5 categories in their own profile KYC Registry.
Stanislav Savitsky, SWIFT Solutions Expert SWIFT & Service Bureau Division of ProFIX Company presented the cloud solution SWIFT Sanction Screening for transactions screening needs. This fully-managed, securely-hosted service screens incoming and outgoing messages against the latest sanctions lists. To date, 36 public lists, most important from the point of view of the international financial community, have been uploaded to the system. Stanislav spoke about the benefits of working with the service: no need to install software centralized updating of public sanctions lists, the ability to load their own lists and reports on audits. At the end of the presentation Stanislav demonstrated the process of verifying a transaction using the service of Sanction Screening.
Irina Litovchenko, Head of Sales, SWIFT & Service Bureau Division, ProFIX, presented a report on the new SWIFT Name Screening solution, which offers banks and corporations an easier way of complying with sanctions and customer due diligence requirements.This secure online lookup tool allows banks and corporations to screen single names against sanctions, PEP and Dow Jones lists (PEP, RCA, SOR) in two options:
• One-time Online-check of the client.
• Regular check of the client base by one file (available from the 4th quarter of 2017).
Name Screening allows checking the client base for two lists of lists:
• Only public sanctions lists: includes checks on OFAC, EU, UN, HMT, which are updated centrally by SWIFT forces. From June 2017, additional public sanctions lists (36 in all) will be included, and it will be possible to upload personal lists for checking in Name Screening.
• Sanctions lists and study of ownership structure, as well as lists of PEP and RCA from Dow Jones. Also from the 3rd quarter, Adverse Media news from Dow Jones will be available – negative news on the BIC organization.
In continuation of the topic of sanctions lists, Irina presented a new Sanctions List Distribution solution for financial organizations that need quality data from sanctions lists. Sanctions List Distribution is offered in a structured and unified format, and lists are enriched with additional information (BIC codes, ISO country lists) and are automatically updated by SWIFT.
Gizem Tangsu, SWIFT personally presented two new SWIFT developments:
ü Payments Data Quality – a tool for monitoring compliance with financial measures established by FATF Recommendations 16 when exchanging SWIFT financial messages;
ü Daily Validation Report – service for independent evaluation of bank traffic and suspicious activity for some RMAs. The service allows you to verify the data of the operational day of the bank and the SWIFTNet banking environment with the data that SWIFT possesses. This provides an opportunity to receive traffic reports directly from SWIFT, regardless of the data of the bank systems that are exposed to external risks. The Daily Validation Report is recommended as an important step in the Bank's implementation of the Customer Security Program SWIFT (Customer Security Program).
For the banking community of Ukraine and Moldova, it was suggested to subscribe to this service on preferential terms until the end of August 2017. Detailed information about the participation in a preferential Daily Validation Report program you can request at the SWIFT & Service Bureau Division of ProFIX.
In the final part of the conference, Steven Palstermans, Senior Commercial Manager SWIFTRef, EMEA, briefed the seminar guests on the news on SWIFTRef bank directories and presented information on the new ISO 9362: BIC standard. As Mr. Palstermans noted, the transition to the new SWIFTRef bank directories is a pledge of effective financial transfers SWIFT. Using SWIFTRef catalog guarantees time and money saving on checks and adjustments of payments, ability to assess counterparty risks, maintaining customer satisfaction and reputation of the bank. Stephen Palstermans announced that for financial institutions in Ukraine and Moldova are available preferential terms for directories BIC Plus and Bankers World Online with a 30% discount for 3 years. The offer is valid until August 31, 2017.
ProFIX Company as a SWIFT Business Partner is ready to provide full information and support in the questions of connection and use of SWIFT services. Contacts of the sales department: tel .: +380 44 538 10 20, e-mail: