Community-driven move increases transparency and supports know your customer compliance across the industry
Since the launch of The KYC Registry in December 2014, membership has been limited to SWIFT-connected supervised institutions. Starting in September 2017, all supervised financial institutions which are licensed by authorities such as central banks and regulatory authorities will be able to join the Registry, regardless of whether they are connected to SWIFT.
Luc Meurant, Head of Financial Crime Compliance Services, SWIFT, said: “Extending KYC Registry membership to all eligible supervised financial institutions means that current Registry members will profit from even broader coverage of their correspondent banking and funds distribution networks, allowing them to further consolidate and streamline their customer due diligence activities. In parallel, smaller institutions will benefit from industry-agreed standards and best practices in know your customer compliance. As well as delivering efficiency gains and cost savings, the move will foster financial inclusion and further strengthen the Registry’s position as the KYC utility of choice for the global financial industry.”
The KYC Registry is a secure, global utility which nearly 4,000 correspondent banks and funds players from the Middle East region and around the world use to contribute, share and consume a comprehensive set of KYC data and documents. The Registry helps financial institutions streamline the exchange of know your customer information to support KYC compliance. Member institutions share their data in response to access requests from their counterparties who ‘consume’ the data as part of their KYC processes. Each institution retains ownership of its Registry data, and full control over which counterparties can access it.
Using the Registry enables correspondent banks and funds players to align themselves with global best practices, demonstrate transparency, reduce due diligence costs for their counterparties, and protect their correspondent relationships.
About The KYC Registry:
The KYC Registry helps financial institutions streamline the exchange of know your customer information to support KYC compliance. Using the Registry enables members to align themselves with global best practices, demonstrate transparency, reduce due diligence costs for their counterparties, and protect their correspondent relationships – supporting greater financial inclusion.
The KYC Registry User Group helps drive Registry enhancements on behalf of all member institutions. User Group members include Asian Development Bank, Bank of America Merrill Lynch, Barclays, Citi, Clearstream, Commerzbank, Danske Bank, Deutsche Bank, Erste Group, HSBC, ING, J.P.Morgan, Lloyds Bank, Raiffeisen Bank International, Societe Generale, Standard Chartered and Unicredit.
SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.