Cash & Liquidity ManagementPaymentsSWIFTSWIFT widens KYC Registry membership

SWIFT widens KYC Registry membership

Launched in late 2014 the Registry, which helps the exchange of know-your-customer information, will open membership to all supervised financial institutions.

SWIFT is to open membership of its Know-Your-Customer (KYC) Registry to all supervised financial institutions (FIs). Since the Registry launched in December 2014, membership has been limited to SWIFT-connected supervised institutions. From this September, any supervised FI will be able to join the Registry, regardless of whether they are connected to SWIFT.

“Extending KYC Registry membership to all eligible supervised FIs 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,” said Luc Meurant, SWIFT’s head of financial crime compliance services.

“In parallel, smaller institutions will benefit from industry-agreed standards and best practices in KYC 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 Registry helps FIs streamline the exchange of KYC customer information to support compliance. Member institutions share their data in response to access requests from their counterparties who ‘consume’ the data as part of their KYC processes. It also 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.

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