Swift Communication & Stakeholder Relations 2 — Questions and Answers
Question 1: In SWIFT messaging, what is the primary role of a Relationship Manager when a correspondent bank raises concerns about transaction delays?
- Escalate directly to regulators
- Investigate root causes and provide timely, accurate status updates (Correct answer)
- Suspend the correspondent's access pending review
- Redirect all queries to the compliance team
Correct answer: Investigate root causes and provide timely, accurate status updates
Relationship managers must investigate issues and communicate accurate, timely updates to maintain trust with correspondents.
Question 2: A SWIFT member bank receives an MT199 free-format message from a counterparty requesting clarification on a transaction. What is the most appropriate response channel?
- Reply via email outside SWIFT
- Send an MT199 response directly through SWIFT (Correct answer)
- Issue a phone call only
- File a formal dispute with SWIFT
Correct answer: Send an MT199 response directly through SWIFT
Free-format queries received via MT199 should be answered with an MT199 response through the SWIFT network to maintain secure, traceable communication.
Question 3: When communicating AML-related transaction holds to a corporate client, which principle should guide the message content?
- Provide full details of the AML alert triggers
- Disclose the names of flagged individuals
- Inform the client of the hold without revealing the specific AML investigation details (Correct answer)
- Immediately release funds to avoid client dissatisfaction
Correct answer: Inform the client of the hold without revealing the specific AML investigation details
Tipping-off regulations prohibit disclosing that an AML investigation is underway, so banks must communicate holds without revealing investigation specifics.
Question 4: Which SWIFT publication is the primary reference for understanding changes to message standards that affect stakeholder communication workflows?
- SWIFT Annual Report
- SWIFT Standards Release Guide (SRG) (Correct answer)
- BIS Quarterly Review
- FATF Mutual Evaluation Report
Correct answer: SWIFT Standards Release Guide (SRG)
The SWIFT Standards Release Guide details annual changes to message types and fields, directly impacting how stakeholders format and interpret communications.
Question 5: A payment operations team notices an increase in returned SWIFT payments from a specific corridor. What is the first stakeholder communication step?
- Immediately suspend the corridor
- Notify senior management and the correspondent bank with supporting data (Correct answer)
- Wait 30 days before reporting to allow patterns to emerge
- Inform SWIFT Watch team only
Correct answer: Notify senior management and the correspondent bank with supporting data
Prompt notification of senior management and the affected correspondent with supporting data enables coordinated investigation and resolution.
Question 6: In SWIFT's Customer Security Programme (CSP), how should banks communicate their attestation results to counterparties?
- Via private email to each counterparty
- Through the KYC Registry on the SWIFT portal (Correct answer)
- By publishing results on their public website
- Verbally during annual review meetings
Correct answer: Through the KYC Registry on the SWIFT portal
CSP attestation results are shared with counterparties through the SWIFT KYC Registry, providing a standardized, verified communication channel.
Question 7: When a SWIFT gpi payment tracker shows a transaction stuck at an intermediary, what information should the originating bank communicate to the beneficiary bank?
- The internal credit score of the sender
- The unique end-to-end transaction reference (UETR) and current status (Correct answer)
- The personal details of the compliance officer reviewing it
- The list of all correspondent banks used globally
Correct answer: The unique end-to-end transaction reference (UETR) and current status
Sharing the UETR and current tracker status allows the beneficiary bank to monitor progress and communicate meaningfully with their client.
Swift Communication & Stakeholder Relations 2
In SWIFT messaging, what is the primary role of a Relationship Manager when a correspondent bank raises concerns about transaction delays?