Swift Plans Sanctions Screening for Trade Finance Transactions
Industry messaging cooperative Swift has selected watch-list filtering service provider Sword FircoSoft to power Swift's new Sanctions Screening service that gives traders the ability to abort suspect transactions.
The service will alert those submitting trade finance and payments transactions if there is a match with a sanctioned person, entity or country, according to a Swift spokesperson. The submitting institution may then examine whether it believes the alert is relevant and decide to abort
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