SWIFT is to launch a new hosted cloud service called Name Screening, which will allow financial institutions and corporates to look up the names of individuals for compliance and customer due diligence purposes.

The tool, which will be launched in early 2017, can screen people's names against governmental sanctions lists and firms’ proprietary lists, as well as against lists of more than 1.5 million politically exposed persons (PEPs) and relatives and close associates (RCAs). Data is supplied by Dow Jones Risk and Compliance. According to SWIFT, Name Screening will eventually expand to include automated batch screening of entire databases, such as consumer and supplier lists.

Joel Lange, at Dow Jones Risk and Compliance, said: “As the regulatory environment grows more complex, financial institutions need to ensure they’re doing business transparently and with the right partners. This solution, powered by our data, will give them that confidence.”

The tool doesn't require additional hardware or software and the system will be continually updated and maintained by SWIFT.