Financial institutions everywhere have dedicated teams working to source the same Know Your Customer information, from the same counterparties and correspondents, for the same due diligence procedures. It’s generating huge inefficiencies and adding significantly to the overall cost of maintaining a correspondent network and meeting compliance obligations. Yet regulations are more demanding and complex than ever before. It’s imperative that you can demonstrate a thorough, auditable and timely analysis of your FI network’s operations, and the risk they might pose to your institution. Sourcing and maintaining this breadth and depth of information is a real challenge.

The KYC Registry has been developed by SWIFT in response to its members’ need for a cost-effective, secure and easy-to-use way to exchange standardised KYC data with correspondents. The KYC Registry creates one secure place to get high-quality, validated KYC information on correspondent banks and share your information with selected counterparties in turn. It enables you to simplify the complex web of processes that come with managing KYC requirements by providing a standardised set of KYC information and documentation that addresses the requirements of regulatory regimes worldwide.

As well as efficiency improvements, you will get the following benefits when using The KYC Registry:

  1. Industry-defined, standardised data set

    SWIFT worked with a group of international banks to define a baseline set of documentation that addresses KYC requirements across multiple jurisdictions. The information in KYC Registry is gathered in following categories:

    • Customer identification
    • Ownership and management structure
    • Types of business and client base
    • Compliance information
    • Tax information

    The KYC Registry prompts data contributors to upload the required documents, reducing errors and promoting user confidence. As a result, Registry users receive standardised and comparable information from their correspondents, in an agreed format.

  2. Validated, up-to-date data

    Once you’ve submitted your data to The KYC Registry, we’ll thoroughly cross check and review it as well as prompt you if it’s incomplete or needs updating. We’ll also alert your correspondents whenever your key data changes.

  3. Always in control

    With The KYC Registry, you’re always in control of your data. You can grant or refuse access in response to requests, and you can ask for access to your correspondents’ data. No data will be shared with any party without the express permission of the data owners.

  4. Access unique insights

    Add value to your KYC Registry data by subscribing to the SWIFT Traffic Profile for Independent profiling of your SWIFT traffic activity or to Adverse Media to monitor negative news coverage about your counterparties. 

The KYC Registry was launched in December 2014. Currently KYC Registry is used by 2700 entities from 200 countries. Feedback from the financial institutions is published via the link.

News

01 June, 2017

Customer Review