As announced recently SWIFT has entered the KYC Due Diligence Platform business.  In its latest announcement SWIFT is inviting the financial services industry and businesses to join its KYC Registry.

Customer due diligence and KYC is essential in order to protect the global financial system from money laundering and financing of illegal and criminal activities. Multi-jurisdictional anti-money laundering (AML) regulations require banks to collect specific information and documentation on their corporate and correspondent banking relationships. Collecting data to perform the necessary checks can be lengthy and complex.

SWIFT’s KYC Registry has been designed in collaboration with banks from across the globe to address these challenges. The KYC Registry is a secure global platform providing predefined data fields and document types to help standardise and streamline the data collection process.

To date, more than 5,500 financial institutions are using the KYC Registry to both publish their KYC data and receive data from their correspondent banks. It is recognised as the accepted standard for correspondent banking due diligence. The registry has now been extended to corporate customers of SWIFT to help simplify the KYC process between banks and corporates.

About:  SWIFT is the way the world moves value. SWIFT does this every single instant of every single day, right across the world. No other organization can address the scale, precision, pace and trust that this demands. SWIFT is unique. SWIFT was established to find a better way for the global financial community to move value – a reliable, safe and secure approach that the community can trust, completely. SWIF has constantly evolved in an ever-changing landscape, without undermining that trust. Nearly five decades on, the SWIFT vibrant community reflects the complexity and diversity of the financial ecosystem.

Source: SWIFT KYC Registry