SWIFT will provide access free of charge to its new KYC Registry throughout 2015 to those banks that contribute their own institutional know-your-customer data, in an effort to make it easier for banks to work together to reduce the cost and effort related to KYC compliance.
The KYC Registry will enable banks to increase efficiency and reduce the cost of KYC compliance activities. Developed by SWIFT as a user-driven initiative, the KYC Registry platform is operational with banks in the 12-member KYC Registry working group now contributing their information. Additional institutions are signing on as early adopters and adding their data, providing for a rich data set when The KYC Registry becomes generally available at the end of 2014.
Luc Meurant, head of banking markets and compliance services, SWIFT, says: "SWIFT created the KYC Registry to enable its community to collectively address the global challenge of KYC compliance. We are delighted by the number of banks that are already contributing their information as part of this SWIFT-led, industry-driven solution. This unique introductory offer makes it even easier for banks to enjoy the full benefits of the initiative."
The KYC Registry helps SWIFT users comply with worldwide KYC requirements, while reducing the cost of compliance activities and the risk of noncompliance. SWIFT performs fact-based controls of information in the Registry to check for completeness, accuracy, and validity.
This approach enables banks to share and access the standardized set of qualified data and documentation needed to fulfil correspondent banking KYC obligations and customer due diligence requirements. Registry users will retain ownership of their KYC information, along with control over who can access it via the secure online platform.