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EBRD to facilitate financial flows by joining SWIFT's KYC Registry

Tuesday 9 May 2017 | 12:17 PM CET

The European Bank for Reconstruction and Development has signed up to use SWIFT’s Know Your Customer (KYC) Registry to facilitate global and local financial flows.

Thus, the EBRD is joining more than 3,500 financial institutions in over 200 countries that already use the tool. The KYC Registry is a centralised repository that maintains a standardised set of information about financial institutions required for compliance with KYC obligations. Furthermore, the move also encourages EBRD partner banks in over 30 countries of operations to join the platform.

The main objective of KYC guidelines is to prevent banks from being used for money-laundering activities. KYC procedures involve requesting, exchanging and reviewing comprehensive sets of documentation and data from each correspondent financial institution or when establishing new banking partnerships.

The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt. The Bank is owned by 65 countries, the EU and the EIB.

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