Sanctions Screening Solution
GSS is an industry-leading sanctions screening platform that helps financial institutions comply with global sanctions regulations. GSS is based on industry-defined standards and uses cloud-native technology to provide a more effective and efficient sanctions screening solution.
Financial institutions provide data to GSS, such as transaction data, and GSS returns an alert if there is a match against a sanctions list. Financial institutions remain fully responsible for sanctions compliance, but GSS can help to streamline the screening process. GSS also allows financial institutions to configure the platform to meet their specific risk appetite.
GSS delivers an end-to-end sanctions screening solution
We collaborate with industry-leading partners to deliver a fast, efficient and seamlessly integrated service.
GSS’ sanctions screening capabilities include:
- List management: We acquire public lists and our client’s private lists for the purpose of being used for screening.
- Alert generation: We identify potential sanctions matches.
- Alert disposition: We identify potential false positives sanctions matches.
- Alert management: We allow a client’s alert investigation team to manually review alerts.
- Reporting: We provide management information reports.
- Record keeping: We record key information and audit data and provide it to our clients.
The result is a more effective and efficient screening product allowing financial institutions to leverage cloud-native technologies and automation for one of their most important compliance processes
GSS Standards: The Industry Standard for Sanctions Screening
Sanctions screening is a complex and ever-changing challenge for financial institutions. To comply with global sanctions regulations, institutions must screen their customers, transactions, and other data against a variety of sanctions lists. However, there has been a lack of common standards and approaches to sanctions screening, which has led to inefficiencies, inconsistencies, and increased costs. As a result, institutions have had to work out how they can screen individually.
Repeatedly developing individual solutions for transaction screening leads to inconsistencies and inefficiencies. GSS brings financial institutions together to define common standards and solve problems collaboratively, leveraging collective expertise to create best-in-class solutions, from the industry, for the industry.
The GSS Standards are a set of industry-defined standards for sanctions screening, which have been developed by a consortium of over 30 global financial institutions, including Swift and The Wolfsberg Group. The GSS Standards cover all aspects of sanctions screening, including:
- List Management
- Alert Generation
- Alert Disposition
- Alert Management
- Reporting
- Record Keeping
These standards are designed to help financial institutions improve the efficiency, effectiveness, and consistency of their sanctions screening programs.
By adopting the GSS Standards, financial institutions can benefit from:
Reduced friction in global payments: GSS Standards introduce consistency, helping to reduce friction in the global payments industry by harmonizing sanctions screening practices across different institutions. This can lead to faster and more efficient cross-border payments.
Improved regulatory compliance: GSS Standards are aligned with the latest regulatory guidance and industry best practice on sanctions screening. By adopting GSS Standards, financial institutions can demonstrate their commitment to regulatory compliance.
Reduced costs: GSS Standards can help financial institutions to reduce the cost of sanctions screening by improving the efficiency and effectiveness of their programs.
Improved customer experience: GSS Standards can help financial institutions to improve the customer experience by reducing the number of false positives and delays in processing transactions.
GSS and Swift Partnership
Why choose GSS and Swift
The combination of GSS’s powerful screening solution integrated with Swift’s state of the art API infrastructure, helps financial institutions to eliminate friction and accelerate compliance through our innovative network-driven screening approach.
Unlock the benefits of Network-Driven Screening
Accelerated onboarding & reduced costs
Leveraging existing API channel to onboard rapidly and significantly reduce integration efforts and expenses, driving quicker time-to-value.
Seamless integration & frictionless experience
Benefit from Swift’s established, secure connectivity, eliminating the need for separate channels or additional approvals. Deploy quickly with minimal disruption.
Superior efficiency and screening effectiveness
Aligned payment standards and advanced network-driven screening drastically reduce false positives, enhancing operational efficiency and lowering the cost of alert remediation.
Advanced security & reliability
Rely on Swift’s trusted MV-SIPN network, employing robust encryption, mutual TLS authentication, and secure data handling practices, ensuring data integrity and continuous compliance.
Comprehensive compliance & audit capabilities
Detailed audit trails, comprehensive reporting, and real-time compliance monitoring provide end-to-end protection, simplifying regulatory requirements and improving transparency.
How it Works
Key Integration Capabilities
The Swift-GSS integration is built around advanced APIs to facilitate secure, standardised, and efficient data exchange:
Unified API platform
Consolidated handling of MT, MX, and Non-Swift transactions for seamless and standardised integration.
Real-time notification service
Immediate notification of screening results significantly reduces manual intervention, increasing efficiency and timeliness.
Enhanced Data Security
Secure, encrypted data exchange with robust authentication measures, ensuring confidential handling and integrity of sensitive compliance data.
Future-proof Sanctions Compliance
The Swift-GSS partnership continues to evolve, proactively adapting to regulatory shifts and technological advancements. By embracing our network-driven screening approach, your institution gains an innovative, sustainable compliance solution designed to scale with your business needs.
Ready to advance your compliance strategy? Contact us to see how GSS and Swift can streamline and enhance your sanctions screening processes.
