Financial Crime World

Here is the converted article in markdown format:

Angola Turns to Swift for Financial Crime Compliance Solutions

In a bid to strengthen its financial crime compliance regime, the Banco Nacional de Angola has become the fourth central bank in Africa South to subscribe to Swift’s Sanctions Screening service. The cloud-based solution is designed to filter messages in real-time and check against customers’ selected sanctions lists, providing an essential tool for preventing financial crimes.

Strengthening Financial Crime Compliance Regime

The move comes as part of a broader effort by the African country to adopt global best practices and ensure that Angola remains an attractive destination for international investment. With over 150 banks globally already using Swift’s solution, it is clear that Sanctions Screening has become an industry standard for financial crime compliance.

Industry Standard for Financial Crime Compliance

“Financial crime is on the rise globally, and it is now one of the biggest challenges facing the world’s financial industry,” said Dr. Ricardo D’Abreu, Vice Governor at Banco Nacional de Angola. “We want to ensure that Angola’s financial community adheres to the highest principles and complies with all international regulations. Implementing Swift’s Sanctions Screening is an essential element of this strategy.”

Benefits of Swift’s Sanctions Screening Service

Swift’s Sanctions Screening service combines a sophisticated screening engine with the company’s security, resilience, and reliability to create a world-class shared service. The solution screens against nearly 30 public sanctions lists, including:

  • OFAC
  • United Nations
  • HMT

which are centrally managed and constitute a regulatory basis for stopping transactions.

Easy-to-Implement and Cost-Effective Solution

“Banco Nacional de Angola is an important milestone in our Africa South region,” said Hugo Smit, Head of Africa South at Swift. “Sanctions compliance is complex and costly, and the penalties for non-compliance can be severe. With Sanctions Screening, Swift provides an easy-to-implement and cost-effective solution that requires no hardware or software and no operational maintenance of multiple lists that change regularly.”

Commitment to Financial Crime Compliance

Swift’s commitment to providing solutions that benefit its community is evident in its work on financial crime compliance. The company has brought the financial community together to shape market practice, define standards, and debate issues of mutual interest.

For more information about Swift’s Sanctions Screening service or other financial crime compliance solutions, please contact Atmosphere Communications.

Contact Information