SWIFT, a member-owned cooperative that provides the communications platform, products and services, this week launched a new business intelligence tool in its compliance services suite designed to help banks monitor and address financial crime risk.

Compliance Analytics enables banks to analyze their own SWIFT traffic data to identify anomalies in behavior, unusual patterns or trends in traffic flows, hidden relationships, and significant levels of activity in high-risk areas.

Compliance Analytics gives banks access to a single source of rich, standardized data, providing them with an overview of their SWIFT-based activity, including their subsidiaries' activities and all their activity with correspondents. The application will enable banks to identify and assess areas of risk, validate existing processes, and attain a global view of their SWIFT traffic. The application also allows banks to develop risk models, set alerts to highlight specific areas of risk within their business, and benchmark themselves against their industry peers.

Financial institutions face increasingly high expectations to implement policies and tools that will help identify and prevent financial crime activities,” says Luc Meurant, SWIFT's head of banking markets and compliance services. “Compliance Analytics enables banks to analyze their existing SWIFT traffic data to detect spikes, outliers or possible policy breaches.”

SWIFT's Compliance Analytics is relevant to a broad audience within banks, including group compliance, anti-money laundering, sanctions, correspondent banking, audit, and risk teams. It complements SWIFT's existing Sanctions Screening and Sanctions Testing services, as well as its KYC (know-your-customer) Registry initiative, which will go live at the end of the year.

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