Criteria for joining SWIFT
Users will be categorised in three distinct groups.
Group 1 - Supervised Financial Institution
A Supervised Financial Institution is: an entity that engages in payment, securities, banking, financial, insurance, or investment services or activities, and that, for such purposes is (i) licensed by or (ii) authorised by or (iii) registered with a Financial Market Regulator, and is subject to supervision by a Financial Market Regulator as per BRM 199, or an International, supranational, intergovernmental or national governmental body or institution that as a main activity engages in payment, securities, banking, financial, insurance, or investment services or activities (including central banks)
The Supervised Financial Institution will be entitled to use the services of SWIFT, as defined by the Board of Directors.
Group 2 - Non-Supervised Entity Active in the Financial Industry
A Non-Supervised Entity active in the financial industry, is an entity which: as a main activity, engages in payment, securities, banking, financial, insurance, or investment services or activities to Supervised Financial Institutions and/or to third parties unrelated to the Non-Supervised Entity, or as a main activity, engages in services to Supervised Financial Institutions and/or to third parties unrelated to the Non-Supervised Entity, which services support financial transaction processing by means of communicating and processing information and which services require the sending of messages in the Non-Supervised Entity’s own name; and is not subject, for such purposes, to supervision by a Financial Market Regulator; and is a duly incorporated, validly existing and duly organised legal entity, and is in good standing financially and with respect to compliance with applicable laws and regulations, and is subject to regular audits in accordance.
Group 3 - Closed User Groups and Corporate Entities
Group 3 is composed of the following currently existing SWIFT user categories:
- Corporate
- Financial Market Regulator
- Payment System
- Participant Securities
- Market Data Provider
- Securities Market Infrastructure
- System Participant Service Participant within Member-Administered Closed User Group
- Treasury Counterparty.
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