Sending a clearer message

Financial institutions are required to comply with international regulations to prevent illegal activities and sanctions monitoring is a critical compliance function to address this.

The financial payments landscape worldwide is seeing a significant shift with the Society for Worldwide Interbank Financial Telecommunication’s (SWIFT) transitioning its traditional messaging system to ISO 20022, which provides a more structured message format, richer data and better interoperability, thus promising greater efficiency and transparency.

While the change brings new opportunities for businesses to improve the efficiency of their sanctions screening processes, it also mandates significant modifications to their execution.

For financial institutions, there are also challenges, particularly in sanctions compliance.

We try to address these and provide potential solutions to help institutions make a smooth transition.