A move that further strengthens compliance programs across the Latin America region
This press release is also available in Spanish.
New York, 13 April 2016 – SWIFT announces today that Bolivia’s banking community connected to SWIFT is now using The Know Your Customer (KYC) Registry, SWIFT’s centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance.
Since December 2014, The KYC Registry has been adopted by more than 2,350 financial institutions globally to complement existing compliance programs. In Latin America, the Registry is used by domestic and international banks in every country across the region. In addition to Bolivia, several other jurisdictions have endorsed the Registry through Central Banks or financial communities, including the Dominican Republic, Panama, and Costa Rica.
Alvaro Alvarez Monasterios, President of Bolivia’s Bank Association Compliance Commission, says: “SWIFT’s efforts to create the KYC Registry and engage the financial community are instrumental in the global fight against money laundering and financial crime. The Registry’s value in mitigating financial crime risks is unrivalled in this market.” Nelson Villalobos, Deputy of Bolivia’s Bank Association Compliance Commission, adds: “The adoption of SWIFT’s KYC Registry by all member banks demonstrates the industry’s commitment to preventing financial crime, both at the national and international level.”
Fedra Ware, Practice Lead Compliance Services Latin America, SWIFT, adds: “With heightened expectations from regulators across the board for improved levels of transparency, banks in Latin America need to demonstrate a steadfast commitment to financial crime compliance. By taking clear action, Bolivia’s financial community sets the tone for a stronger financial system, thereby supporting the region’s inclusion in wider international trade activity.”
The KYC Registry, operated by SWIFT, provides KYC information for correspondent banks as well as fund distributors and custodians. Banks contribute an agreed ‘baseline’ set of data and documents for validation by SWIFT, which contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it. Banks are not charged for data contribution or for using the Registry to share their KYC information with other users. Each enrolled institution can also order its SWIFT Traffic Profile as an additional service and share this set of reports with its counterparties at its discretion. The SWIFT Traffic Profile helps banks understand potential risks in their correspondent networks by providing a single, aggregated view of their transaction activity with higher-risk jurisdictions. It helps banks active in such jurisdictions to protect their connection to the global financial system by enabling them to demonstrate their transparency and compliance.
SWIFT will expand its KYC compliance portfolio with additional services during the course of 2016.
For more information about The KYC Registry, visit www.betterkyc.com.
About SWIFT’s financial crime compliance services portfolio
SWIFT’s Compliance Services unit manages a growing portfolio of financial crime compliance services in the areas of sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML). The portfolio includes Sanctions Screening and Sanctions Testing services, Compliance Analytics and The KYC Registry. For more information, visit www.swift.com/complianceservices.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.
We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies.
Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.