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Financial messaging cooperative SWIFT has launched a new business intelligence tool Compliance Analytics, an addition to its compliance services suite that is intended to help banks mitigate financial crime risk.
Compliance Analytics has been crafted to assist banks in their analysis of their own SWIFT traffic data. The tool was created to identify anomalies in behavior, unusual patterns or trends in traffic flows, hidden relationships, and significant levels of activity in high-risk areas, say SWIFT officials. The new tool can be used to visualize global transaction flows, patterns and activities.
The new application also allows banks to develop risk models, set alerts to highlight specific areas of risk within their business, and benchmark themselves against their industry peers, officials say.
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- SWIFT
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