Bad press to boost KYC compliance
29 June 2016 Brussels
Image: Shutterstock
SWIFT has partnered with Dow Jones to add adverse media information to its know-your-client (KYC) Registry.
KYC Adverse Media has been integrated with the registry, giving users access to data from Dow Jones Risk & Compliance, including information on companies around the world that have received relevant negative news coverage, and regulatory notifications.
This can include negative coverage relating to the likes of regulatory, competitive, financial, production, environmental, and social or labour issues, from more than 32,000 publications around the world.
Dow Jones researchers then provide additional detail such as corporate identifiers and names, and cross-reference with other people associated with the companies.
According to SWIFT, financial institutions are increasingly expected to use negative news coverage as part of their risk-based approach to due diligence and financial crime compliance, and to generate more complete and accurate information.
The new KYC Adverse Media capability is designed to complement the data already reported by KYC Registry users, with Dow Jones information being linked to legal entities in the registry.
However, while registry users can control which other entities can view their data, the adverse media data will be open to all registry users, to maintain optimal transparency. It will also include information of banks that have not joined the registry.
Bart Claeys, head of KYC compliance services at SWIFT, said: “KYC compliance is increasingly complex.”
He added: “The addition of KYC Adverse Media is the next step in our strategic roadmap to deliver cost-effective, community inspired financial crime compliance services that help our members optimise the effectiveness and efficiency of their compliance programmes.”
Joel Lange, managing director at Dow Jones Risk & Compliance, added: “As regulation grows ever more complex, global banks have to trust in the quality and completeness of data used for KYC decision-making. Working with our adverse media data will give KYC Registry users unique access to structured profiles covering 17 negative news topics that matter to global banks.”
KYC Adverse Media has been integrated with the registry, giving users access to data from Dow Jones Risk & Compliance, including information on companies around the world that have received relevant negative news coverage, and regulatory notifications.
This can include negative coverage relating to the likes of regulatory, competitive, financial, production, environmental, and social or labour issues, from more than 32,000 publications around the world.
Dow Jones researchers then provide additional detail such as corporate identifiers and names, and cross-reference with other people associated with the companies.
According to SWIFT, financial institutions are increasingly expected to use negative news coverage as part of their risk-based approach to due diligence and financial crime compliance, and to generate more complete and accurate information.
The new KYC Adverse Media capability is designed to complement the data already reported by KYC Registry users, with Dow Jones information being linked to legal entities in the registry.
However, while registry users can control which other entities can view their data, the adverse media data will be open to all registry users, to maintain optimal transparency. It will also include information of banks that have not joined the registry.
Bart Claeys, head of KYC compliance services at SWIFT, said: “KYC compliance is increasingly complex.”
He added: “The addition of KYC Adverse Media is the next step in our strategic roadmap to deliver cost-effective, community inspired financial crime compliance services that help our members optimise the effectiveness and efficiency of their compliance programmes.”
Joel Lange, managing director at Dow Jones Risk & Compliance, added: “As regulation grows ever more complex, global banks have to trust in the quality and completeness of data used for KYC decision-making. Working with our adverse media data will give KYC Registry users unique access to structured profiles covering 17 negative news topics that matter to global banks.”
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