SwallowTech’s SWIFT Alliance Access (SAA) plug-in highlights and quarantines messages that reference these SDN parties or phonetic variations of names and also allows the checking of static data, such as customer account records to be carried out against SDN lists. 

Pro-active checking of incoming and outgoing transactions allows an institution to remain within the law and avoid punitive charges and damage to reputation.

Anti-Money Laundering is a real concern nowadays and failure to knowingly or unknowingly comply with regulations carries punitive charges. 

The U.S. Department of the Treasury’s, Office of Foreign Assets Control (OFAC) and other government administrations publish lists of specially designated nationals (SDN) and Blocked Persons. 

These lists cover individuals, companies, vessels that can appear in shipping documents presented under a letter of credit and even financial institutions, which are owned or controlled by the Governments of restricted countries. 

Opportunities for money laundering have increased over recent years with the introduction of e-banking products and services that allow seamless account transfers, cross-border payments and account opening to take place via the Internet. 

The US, as an example, requires that all US financial institutions must block transactions that specify an individual, commercial enterprise or governmental entity appearing on the OFAC SDN list.  Subsequent unblocking and returning of funds can be lengthy process and requires an application to be made to OFAC, with a complete explanation of the parties involved and details of the transaction.  


Management Benefits

Failure to comply with anti-money laundering legislation can lead to heavy fines, blocked funds and negative publicity.