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SWIFT teams up with ICC

Wednesday 10 March 2021 10:52 CET | News

SWIFT has announced that its KYC Registry will integrate the International Chamber of Commerce’s (ICC) Sustainable Trade Finance Guidelines, helping financial institutions to identify environmental, social and governance (ESG) risks in their supply chains.

By integrating the ICC’s ‘Sustainable Trade Criteria: Customer Due Diligence Guidelines’ into SWIFT’s KYC Registry, corporates with multiple banking partners will no longer have to provide ESG information in differing formats through bilateral exchanges. Instead, the inclusion of the ICC’s guidelines on SWIFT’s KYC Registry provides an industry standard that means corporates will only need to complete and update a single form that they can then share with their banking partners.

The Customer Due Diligence Guidelines were developed by the ICC Banking Commission’s Working Group on Sustainable Trade Finance after a consultation with its members as well as selected National Committees, and validation by the Executive Committee. The ICC’s due diligence guidelines cover areas including sustainability commitments, capacity and track record, supply chain practices and commodities.


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Keywords: partnership, trade finance
Categories: Banking & Fintech
Companies:
Countries: World
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Banking & Fintech






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