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.

Related Articles

The future of clearing and settlement

Blockchain The future of clearing and settlement

4d Aaran Fronda
Lodge cards: The easy way to save on travel purchases?

Cash Management Lodge cards: The easy way to save on travel purchases?

7d Nash Riggins
Cross-border payments: Part one of our in-depth focus on the six bold treasury predictions for 2019

Payments Cross-border payments: Part one of our in-depth focus on the six bold treasury predictions for 2019

4w Nash Riggins
What factors are reshaping global payments?

Cash Management What factors are reshaping global payments?

1m Michael McCaw
Survey: What factors are reshaping global payments?

Payments Survey: What factors are reshaping global payments?

1m The Global Treasurer
Harnessing digital payments to save money and improve supplier relationships

Payments Harnessing digital payments to save money and improve supplier relationships

2m Nash Riggins
Banks go live on TIPS using SWIFTNet Instant

SWIFT Banks go live on TIPS using SWIFTNet Instant

3m The Global Treasurer
SWIFT and ONPEX embark on cost-efficient payments collaboration

Payments SWIFT and ONPEX embark on cost-efficient payments collaboration

3m The Global Treasurer