SWIFT offers Know Your Customer Registry

Thursday 23 January 2014 11:55 CET | News

Global financial messaging provider SWIFT has started to offer a global Know Your Customer Registry, a centralized utility for the collection and distribution of standard information required by banks as part of their due diligence processes.

SWIFTs KYC Registry is currently under development and will go live in 2014. The new service will provide banks with access to a central repository of institutional information collected by SWIFT from participating banks. SWIFT will host and manage the utility, verifying the completeness, validity, and accuracy of the data provided, while member banks will retain ownership of and responsibility for their own information.

The KYC Registry will initially focus on correspondent banking requirements, which is the most urgent challenge facing the industry, but SWIFT may subsequently extend the service.

The KYC Registry is an expanding set of financial crime compliance solutions from SWIFT. The portfolio already includes Sanctions Screening and Sanctions Testing tools, and will soon be complemented by business intelligence for compliance services

In recent news, payments company AccessPay has entered into an agreement with global financial messaging provider SWIFT which will enable it to incorporate SWIFT connectivity into its cloud-based Corporate Payments Hub (CPH) Payments and Cash Management platform.

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Keywords: SWIFT, Know Your Customer Registry, Global financial messaging, banks
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events