SWIFT has a long history of enabling financial institutions to communicate with each other reliably and securely; thousands of banks use the SWIFT network for interbank messaging. Faced with the twin threats of intensifying cybercrime and growing compliance requirements, banks are scrambling to be secure and compliant while also profitable. SWIFT has developed robust financial-crime solutions that assist its members to comply with the gamut of regulations—from AML to KYC—profitably.
Many bank managers are grateful that they do not live and work in war-torn countries; but guess what, hardline terrorists are bringing the battle close to home. Within the current world climate, banks, small and large, have a responsibility to participate in the war against domestic terrorism by implementing vigorous anti-money-laundering/counter-terrorist-financing programs.