Swift Professional Standards & Competencies 2

Question 1

A Swift practitioner discovers a client has been overpaying fees due to a bank processing error over 12 months. What is the practitioner's professional obligation?

Accepted Answer

Promptly notify the client and assist in recovering the overpaid amounts

Answer

Professional standards require practitioners to act in the client's best interest, which includes proactively identifying and correcting financial discrepancies.

Question 2

Which Swift standard governs the format and content requirements for customer credit transfer messages (MT103)?

Accepted Answer

Swift SR (Standards Release) guidelines

Answer

Swift Standards Releases (SR) define the specific field requirements, usage rules, and validation criteria for MT103 messages.

Question 3

A financial institution's Swift operator sends a payment with an incorrect BIC. What is the first corrective action per Swift best practices?

Accepted Answer

Issue a Swift MT 192 or MT 292 recall/cancellation request

Answer

Swift best practices require using MT 192 (customer) or MT 292 (bank) recall messages to cancel or correct a misdirected payment.

Question 4

Under Swift's Customer Security Programme (CSP), mandatory controls are classified as which level?

Accepted Answer

Baseline

Answer

CSP mandatory controls are called 'Baseline' controls, which all Swift users must implement to remain compliant.

Question 5

What does the Swift CSCF (Customer Security Controls Framework) version update cycle require institutions to do annually?

Accepted Answer

Self-attest compliance with mandatory and advisory controls

Answer

All Swift users must submit an annual self-attestation confirming their compliance status against the CSCF mandatory and advisory controls.

Swift Practice Test

Swift Practice Test

Swift Professional Standards & Competencies 2