Swiss financial data expert SIX has announced a partnership with SimCorp, centred on its Sanctioned Securities Monitoring Service, to give financial institutions greater global sanctions data coverage.
The partnership between SIX and SimCorp aims to address and streamline compliance processes around sanctions, eliminating the risk of breaches, which can be damaging to financial institutions. As a result, SimCorp's clients can now access up to date global sanctions data directly from SIX, integrated into the Compliance Manager module of SimCorp Dimension. This enables compliance officers to detect breaches against the supported sanction regimes pre and post-trade.
The Sanctioned Securities Monitoring Service from SIX provides a list of entities and issued securities related to ‘watched' individuals or organizations that have been sanctioned by regulators or government bodies. The service identifies the regimes under which each is sanctioned, drawing from various international regulatory bodies, including those of the European Union, Switzerland, Singapore, Hong Kong, Australia, Canada, the United Kingdom and the United States, as well as the United Nations.
SIX Sanctioned Securities Monitoring Service monitors 6.7 million active instruments and over 26,000 changes a week, including regulator updates and shareholder changes, making it one of the most comprehensive sanctions and watchlist checks in the market.
The integration to SimCorp's compliance manager, a powerful and customisable front-office module used by more than 100 SimCorp clients, will see the data service streamlined within key automated workflows. This includes compliance monitoring alerts, customizable compliance rule sets, a real-time overview of key compliance metrics, enhanced risk analytics, as well as, pre-trade, post-trade, and end of day checks.