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Over 200 countries worldwide use SWIFTs KYC Registry

Wednesday 23 November 2016 11:49 CET | News

The KYC Registry, launched by SWIFT in December 2014, has marked over 3,000+ entities members in over 200 countries and territories globally.

The KYC Registry can instantly exchange data and documents with selected counterparties without sacrificing control over their data or who can access it. The Registry provides a secure, cost-effective KYC solution that enables banks, fund distributors and custodians to maintain and grow their correspondent network.

The KYC Registry addresses more than 80% of the KYC data and documentation required to support the on-going due diligence of correspondent banking partners or the on-boarding of new relationships. While The KYC Registry is still in the ramp-up phase a recent survey conducted by SWIFT suggests that it is already fulfilling its industry obligations with many customers indicating substantial cost and time-saving benefits from using it.

With initial data consumption underway, survey respondents have confirmed they are spending, on average, 45% less time performing due diligence on a counterparty when using The KYC Registry.

As The KYC Registry evolves in line with new regulations and customer needs, it will grow its offering through value-added services and partnerships that enable enhanced due diligence.


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Keywords: SWIFT, standards, online payments, KYC, banks, security, fraud, KYC registry, banking industry
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime






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