SWIFT to open KYC platform to corporates

Starting Q4 of 2019, all 2,000 SWIFT-connected corporate groups will be able to join The KYC Registry, and use it to upload, maintain, and share their KYC information with their banks. The KYC Registry is an online portal for financial institutions, which has the aim to exchange institutional KYC Due Diligence information, and to allow banks to share KYC data and documents with their correspondents in a secure, and standardised way. Another feature is to get access to the correspondents’ complete and validated KYC profiles, which results in efficiency and cost savings in KYC processes.

Corporates will be enabled to upload standard information to The KYC Registry, and to exchange other KYC-relevant documents that are requested by their banks. At the same time, banks will have access to corporates’ information through the same central repository they use for their correspondent KYC checks, thereby enabling efficient data sharing through a secure central utility, and eliminating duplication and inefficiency.