Swift and sanctions
The Table of contents
The statement
- 2016years1month17day:Update: while Iran Sanctions Agreement
- 2015years12month21day:Swift advisory on fighting illegal financial activites
- 2015years10month27day:While Iran sanctions agreement update
- 2015years7month14day:While Iran sanctions agreement
- 2014years10month7day:Swift advisory on fighting illegal financial activities
- 2014years10month6day:Swift Sanctions Statement
- 2014years9month18day:European Parliament Resolution
- 2012years4month18day:Swift instructed to disconnect sanctioned Iranian Banks, following EU Council decision
Swift is what?
Swift was founded in 1973, is a global financial safety message service providers.Swift initially designed to replace the cable.Swift is one of the members have trade cooperation organization, and connected to the world's more than 200 countries and regions more than 11000 Banks, financial institutions, corporate users.
Swift worldwide 26 offices, headquarters in Belgium.As a provide service for the global financial industry strategic international financial message service providers, Swift by G - 10 the supervision of the central bank.
How Swift is the governance?
Swift is based on the Belgian law established trade cooperation organization, and by its shareholders (financial institutions) and control, held by the shareholders representing more than 3500 institutions worldwide.Shareholders vote 25 directors, the directors on behalf of global member of company governance, and to supervise company's management.Company executive committee led by the CEO of full-time employees.
Swift by G - 10 central bank and the supervision of the European central bank (G - including: Belgium, Canada, France, Germany, Italy, Japan, Holland, Britain, the United States, Switzerland and Sweden), which is Belgium's central bank chief supervision.
In 2012, the supervision mechanism was reviewed, and the introduction of the BBS system of Swift.This mechanism, the reserve bank of Australia, the People's Bank of China, the Hong Kong monetary authority, the reserve bank of India, South Korea's central bank, Russia's central bank, Saudi Arabia, the reserve bank of monetary authority, the monetary authority of Singapore, South Africa and Turkey of the republic of the central bank began to join G - 10 central bank jointly supervise Swift.Swift, supervision and BBS for g10 central Banks with more central banking group to share information about Swift supervision activities provides a platform.
Swift is committed to and supervision institution and judicial jurisdiction institution for an open and constructive dialogue.With effective control and supervision, to ensure Swift process (for example, in the aspect of safety and resilience), in order to avoid to financial stability and soundness of the financial infrastructure pose a risk.
About the Swift supervision mechanism for more information, please log inMonitor web pages.
In the financial sanctions imposed by regulators, what is the role of Swift?
Swift do not monitor or control the user sends a message by the system information.According to the applicable laws and regulations (such as sanctions and regulations) to make all decisions about the legality of the financial transactions, depending on processing these transactions of financial institutions and the competent department in charge of the international and national.In terms of financial sanctions, Swift, the key is to help the user to meet its responsibility to obey the national and international laws and regulations.
Swift can provide what services to help financial institutions follow the financial sanctions and other relevant criminal laws and regulations?
In the 2006-2007, we have changed the pay packet format, to allow financial institutions to comply with the FATF SRVII (special Suggestions about fighting terrorism financing VII - now 16 have replaced the FATF recommendation for 2012 revised edition), the FATF SRVII require payment contains more detailed information of the clients.
In 2010, we have to Cover payment message format changed, to allow financial institutions to fill in the basic customer information in the Cover to pay bills.
Swift has extensive and constantly enrich financial crime compliance tools combination, these tools including sanctions screening and testing services.Click on thehereTo know more information about these products.
Swift followed all sanctions laws and regulations?
B: yes.Swift, full compliance with all applicable sanctions laws and regulations.However, ensure that a single financial transactions in accordance with laws and regulations is the responsibility of the sanctions processing financial transactions of financial institutions and the competent authorities.Swift is just a message transfer service, does not participate in or control the financial institutional clients on the basis of its message mentioned in financial transactions.
Swift will limit the use of the bank?
Swift is a neutral organization, its formation and operation is to realize the common interests of the shareholders, to study, create, use and operation of personal, confidential and proprietary financial, electronic communications and transmission of a message.
As a global systemic neutral utilities, Swift, by providing a safe financial message services play a key role in terms of support for the global economy.All of us always to the interests of the community for the maxim, and to support the mission of the toughness and completeness of the global financial system.
Board that I) and the other shareholders in the same type of business, and ii) participate in financial message transfer any organization can become a shareholder of the company (the "shareholders").
Swift shareholders is also Swift user.As long as accord with the standard of qualification of the organization, any other organization can be allowed to become a user, if not shareholders) to use Swift service.
Swift defines many Swift user groups.Each user categories of general qualification standards must be approved by the general meeting of shareholders, and the need to comply with every applicant countries/regions where applicable local regulations.Any hope to apply to be a Swift user organizations must abide by and to ensure continued compliance with these qualification standards and local applicable rules and regulations.
Swift has established documented, neutral and users based on risk management process, to continue to verify the Swift user qualification.
As a trade cooperation organization, Swift's mission is to all members of a community, and a member of the SWFIT community worldwide.As a global systemic characteristics of utilities, Swift has no right to sanction decision.To the state or individual entities or cancel the sanctions resolution of any decision depends entirely on the competent government agencies and lawmakers.
Despite the sanctions in different jurisdictions around the world implement independently, Swift, unable to select which jurisdiction sanctions regime.Incorporated under the laws of Belgium, Swift must comply with the relevant eu regulations of the Belgian government confirmed.
In March 2012, according to strengthen the international financial sanctions against Iran and multilateral agreements, according to eu regulation no. 2012/267, Swift was specifically prohibit to eu sanctions against Iranian Banks provide financial message service.Swift is registered under the laws of Belgium, must comply with the regulations of the government in their home countries to confirm.Swift by disconnecting related bank eu sanctions on Iraq and Swift system connects the regulatory obligations.In January 2016, many of the affected Banks from eu sanctions list, was subsequently re-engage Swift.
Swift in the responsibility of the international financial sanctions has been to help our customers to meet its responsibility to obey the national and international laws and regulations, at the same time as a global neutral service, we are committed to support the resilience of the global financial system and the integrity.
Under special circumstances, if the global financial system stability and integrity of the threatened, Swift, may also need to limit the customer access to the network.Therefore, an incident in November 2018, Swift has suspended some Iranian Banks access to message system.A move that although regrettable, but this is for the broader global financial system stability and integrity, and to evaluate based on the economic situation after the move.
Swift ever in order to satisfy the sanctions target for Banks to break even?
In March 2012, according to strengthen the international financial sanctions against Iran and multilateral agreements, according to eu regulation no. 2012/267, Swift was specifically prohibit to eu sanctions against Iranian Banks provide financial message service.Swift is registered under the laws of Belgium, must comply with the regulations of the government in their home countries to confirm.Swift by disconnecting related eu sanctions on Iraq bank and Swift system connects the regulatory obligations.
