Banks Look To Slash Sanctions Screening Costs With Shared Utility

Some of the world’s biggest banks are in talks with SWIFT about creating a shared platform for conducting sanctions screening.

The move is intended to help banks slash the spiralling costs involved in combing through millions of transactions for matches with ever-growing lists of sanctioned entities maintained by the US, EU and other jurisdictions, but could jeopardise a top source of revenue for regtech companies.  

The Wolfsberg Group, which comprises 13 mainly US and European banks and produces guidance on addressing financial crime, is leading the talks with SWIFT, the Belgium-based global financial messaging service. 

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