Wolfsberg DDQ has been updated in response to an increase in regulatory expectations and a call for action from the Financial Stability Board Correspondent Banking Coordination Group (FSB CBCG) and the Committee on Payments & Market Infrastructures (CPMI). KYC Registry members can now answer Wolfsberg DDQ questions directly on the KYC Registry platform.
Registry members upload their KYC data and documents for validation by SWIFT, and exchange this information with their counterparties for use in onboarding and ongoing correspondent banking Customer Due Diligence (CDD).
The KYC Registry is a global KYC utility used by more than 4,200 correspondent banks and funds players in over 200 countries and territories, representing 75% of SWIFT message traffic. More than 50 central banks and monetary authorities are also Registry members. KYC Registry membership was recently expanded to include all supervised financial institutions, even if they are not connected to SWIFT.
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