CAB voices support for SWIFT KYC Registry
29 September 2015 New York
Image: Shutterstock
The Caribbean Association of Banks (CAB) has endorsed SWIFT’s Know-Your-Client (KYC) Registry, after 45 banks in 16 countries in the region signed up to the service.
The KYC Registry is a central repository that maintains a standardised set of information on correspondent banks’ requirements for KYC compliance. Banks contribute a ‘baseline’ set of data for validation, which can be shared with counterparties.
Banks retain ownership of their information, as well as control over what other institutions can see. Contributors are not charged and, for 2015, institutions that contribute can also consume data free of charge.
The registry is designed to help facilitate compliance in correspondent relationships worldwide, while offering a simple and secure way to exchange standardised information, increasing efficiency and reducing risk. More than 1,300 institutions in 168 countries now use the service.
Joanna Charles, chair of the CAB, says: “In keeping with the CAB’s mandate of advocacy and the strengthening of the regional financial services sector, we strongly support SWIFT’s global initiative to reduce the cost and risk related to know-your-customer correspondent banking compliance.”
She added: “The KYC Registry enables member banks to proactively share information with correspondent banks, increasing efficiency, reducing cost and allowing our region to demonstrate transparency and KYC compliance more effectively.”
Bart Claeys, head of KYC compliance services at SWIFT, said: “We are very pleased with the level of participation from financial communities across the Americas. Adding the CAB to a growing list of associations and central bank endorsers demonstrates the value of the KYC Registry in enabling financial inclusion across developing markets.”
The KYC Registry is a central repository that maintains a standardised set of information on correspondent banks’ requirements for KYC compliance. Banks contribute a ‘baseline’ set of data for validation, which can be shared with counterparties.
Banks retain ownership of their information, as well as control over what other institutions can see. Contributors are not charged and, for 2015, institutions that contribute can also consume data free of charge.
The registry is designed to help facilitate compliance in correspondent relationships worldwide, while offering a simple and secure way to exchange standardised information, increasing efficiency and reducing risk. More than 1,300 institutions in 168 countries now use the service.
Joanna Charles, chair of the CAB, says: “In keeping with the CAB’s mandate of advocacy and the strengthening of the regional financial services sector, we strongly support SWIFT’s global initiative to reduce the cost and risk related to know-your-customer correspondent banking compliance.”
She added: “The KYC Registry enables member banks to proactively share information with correspondent banks, increasing efficiency, reducing cost and allowing our region to demonstrate transparency and KYC compliance more effectively.”
Bart Claeys, head of KYC compliance services at SWIFT, said: “We are very pleased with the level of participation from financial communities across the Americas. Adding the CAB to a growing list of associations and central bank endorsers demonstrates the value of the KYC Registry in enabling financial inclusion across developing markets.”
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