SWIFT to open its KYC Registry to corporates by the end of 2019

Thursday 8 August 2019 11:16 CET | News

SWIFT has entered discussions with regional know your customer utilities about connecting their KYC Registry by the last quarter of 2019.

SWIFT’s KYC Registry is an online portal that was set up in December 2014 to enable the SWIFT community manage and share due diligence information. This initiative assists compliance with KYC requirements, a job that is extremely inefficient and mired by time-consuming, manual processes and the duplication of efforts.

To date, membership of SWIFT’s registry has been limited to financial institutions with correspondent banking activities, who use the registry to conduct KYC on their correspondents. Through the registry, banks can find all the information, from counterparties included, in one place. More than 5,500 banks are in the registry.

SWIFT is now expanding the utility’s reach, having announced earlier in 2019 that it will be opening the solution to the 2,000 corporate groups that are already connected to SWIFT in Q4 in 2019.

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Keywords: SWIFT, KYC, digital onboarding, banks, digitalisation, CDD, compliance, fraud prevention
Countries: World