Thus, starting with September 2017, all supervised financial institutions will be able to join the Registry, regardless of whether they are connected to SWIFT. The KYC Registry was launched in December 2014 and the membership was limited to SWIFT-connected supervised institutions.
Extending KYC Registry membership to all eligible supervised financial institutions means that current Registry members will profit from broader coverage of their correspondent banking and funds distribution networks, allowing them to further consolidate their customer due diligence activities.
The KYC Registry is a global utility that nearly 4,000 correspondent banks and funds players use to contribute, share and consume a comprehensive set of KYC data and documents. Member institutions share their data in response to access requests from their counterparties who ‘consume’ the data as part of their KYC processes. Each institution retains ownership of its Registry data, and full control over which counterparties can access it.
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