SWIFT KYC Registry has now expanded across 109 countries, facilitating compliance with a growing number of correspondent relationships worldwide.
Launched in December 2014, the KYC Registry provides a way to exchange a standardised set of information for correspondent banking Know Your Customer (KYC) compliance, increasing efficiency and reducing risk.
Banks contribute an agreed ‘baseline' set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties.
Each bank retains ownership of its own information, as well as control over which other institutions can view it. Banks are not charged for data contribution or for using the rRegistry to share their KYC information with other banks.
To maximise the rRegistry's benefits, SWIFT has made data consumption free in 2015 for banks that contribute their own KYC information to the rRegistry and promote it to their correspondents.
Arun Aggarwal, managing director of SWIFT in the, UK, Ireland and Nordics, SWIFT, commented: “SWIFT’s KYC Registry helps banks to reduce the cost and risk of correspondent banking?related KYC activities.”
He added: “We look forward to continuing to work with our community in the UK and beyond to further build, maximising the value of this shared financial crime compliance solution to the industry as a whole.”
