Swift adds peer assessment to sanctions service
Swift has added peer assessment to its Sanctions Testing service. An optional service it will allow financial institutions to compare the performance of their sanctions filters against those of other participating institutions.
The service uses a performance baseline of aggregated data from other Sanctions Testing users with similar business characteristics. The baseline will be extended and evolve over time as banks join the service, and the community-driven initiative broadens the scope of performance assessment and operational practices.
Launched in 2012, Swift’s Sanctions Testing checks transaction and client filter effectiveness for exact “hits” as well as “fuzzy” matches – names that are similar to, but not exactly the same as those on sanctions lists. It enables users to integrate regular testing and tuning into their sanctions compliance processes and allows them to create a strategy for enhanced efficiency and performance. It is used by over 20 institutions, which account for 35% of message traffic on the Swift network, as well as major insurance providers.