Absolutely wrong. SWIFT is just a financial messaging system (secure email for banks). Transfers of USD anywhere in the world ultimately require messages to/from US banks. US regulations require that those messages disclose the ultimate payer and payee of every transfer, and US banks must follow US regulations and block transfers that violate US sanctions. US banks are free to use whatever communications channels they choose, but SWIFT is used for 99% of international transfers today. SWIFT has nothing to do with balance sheets and banks recognizing fund transfers.