The Company is set up and operated for the collective benefit of its Shareholders, for the study, creation, utilisation and operation of the means necessary for the telecommunication, transmission and routing of private, confidential and proprietary financial messages.Īs a neutral utility with a global systemic character, Swift plays a pivotal role in supporting the global economy through its provision of secure financial messaging services. in terms of security and resilience) to avoid posing a risk to financial stability and to the soundness of financial infrastructures.įor more information on Swift oversight, please visit our oversight webpage. The oversight focuses primarily on ensuring that Swift has effective controls and processes (e.g. Swift is committed to open, constructive and regular dialogue with oversight authorities, as well as with individual jurisdictions.

The Swift Oversight Forum provides a setting for the G-10 central banks to share information on Swift oversight activities with a wider group of central banks.

In 2012, this framework was reviewed and the Swift Oversight Forum was established, in which the G-10 central banks are joined by other central banks from major economies: Reserve Bank of Australia, People's Bank of China, Hong Kong Monetary Authority, Reserve Bank of India, Bank of Korea, Bank of Russia, Saudi Arabian Monetary Agency, Monetary Authority of Singapore, South African Reserve Bank and the Central Bank of the Republic of Turkey. Swift is overseen by the G-10 central banks (Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, United Kingdom, United States, Switzerland, and Sweden), as well as the European Central Bank, with its lead overseer being the National Bank of Belgium. The Executive Committee is a group of full-time employees headed by the Chief Executive Officer. The shareholders elect a Board of 25 independent Directors, representing banks across the world, which governs the Company and oversees the management of the Company. Swift is a cooperative company under Belgian law and is owned and controlled by its shareholders (financial institutions) representing approximately 2,400 Shareholders from across the world.

What does it mean to be sanctioned