SWIFT extends KYC registry reach
28 May 2015 Brussels
Image: Shutterstock
SWIFT has expanded its KYC Registry to make it available to fund distributers and custodians as well as for correspondent banks.
The registry is designed to support institutions in fulfilling know-your-client (KYC) compliance requirements. Participants contribute a ‘baseline’ of data for sharing with counterparties, but retain all ownership of the information and control over who can access it.
The move comes in response to a demand identified through the SWIFT Community.
"Fund distributors and custodians face similar challenges to banks with KYC due diligence,” said Mark Gem, head of compliance at Clearstream and chair of the SWIFT securities compliance working group.
"I am pleased that SWIFT is extending the reach of The KYC Registry, building upon its momentum in correspondent banking."
Paul Taylor, director of compliance services at SWIFT, added: “We are pleased to extend The KYC Registry to fund distributors and custodians, a move which is a natural extension of the KYC offering we have successfully put in place for correspondent banking, ”
He added: “As we continue to consult on our compliance strategy and roadmap we recognise that financial crime compliance is increasingly becoming a significant challenge for securities customers, and we are looking at broader ways of addressing those challenges, for example in the area of screening services.”
The KYC registry was launched in 2014 in order to provide a simple and secure way of exchanging a standardised set of information, while increasing efficiency and reducing risk. It now has participants from more than 110 countries.
The registry is designed to support institutions in fulfilling know-your-client (KYC) compliance requirements. Participants contribute a ‘baseline’ of data for sharing with counterparties, but retain all ownership of the information and control over who can access it.
The move comes in response to a demand identified through the SWIFT Community.
"Fund distributors and custodians face similar challenges to banks with KYC due diligence,” said Mark Gem, head of compliance at Clearstream and chair of the SWIFT securities compliance working group.
"I am pleased that SWIFT is extending the reach of The KYC Registry, building upon its momentum in correspondent banking."
Paul Taylor, director of compliance services at SWIFT, added: “We are pleased to extend The KYC Registry to fund distributors and custodians, a move which is a natural extension of the KYC offering we have successfully put in place for correspondent banking, ”
He added: “As we continue to consult on our compliance strategy and roadmap we recognise that financial crime compliance is increasingly becoming a significant challenge for securities customers, and we are looking at broader ways of addressing those challenges, for example in the area of screening services.”
The KYC registry was launched in 2014 in order to provide a simple and secure way of exchanging a standardised set of information, while increasing efficiency and reducing risk. It now has participants from more than 110 countries.
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