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Achieving standardisation in KYC compliance

Achieving standardisation in KYC compliance

Financial Crime Compliance,
5 October 2017

The complexity and cost of know your customer (KYC) compliance is huge - and continues to grow. Regulation differs across jurisdictions and the rules are often unclear. SWIFT and other industry players are pushing for a more streamlined and standardised approach to KYC compliance.

What is standardisation and why does it matter?

The industry is demanding greater standardisation in KYC compliance – but what does that mean in practice? And how can you benefit from more standardisation in data and processes? KYC standardisation has two distinct components: the input of data being sent and received by banks, and the processes involved in using this information. Collaboration is the key to success, so SWIFT is building standards with the industry to understand and address KYC challenges.

SWIFT’s KYC Registry helps users manage risk, and reduce the cost and effort related to KYC compliance.

Bart Claeys, Head of KYC Compliance Services, SWIFT

The KYC Registry: the path to standardisation

Along with other industry initiatives, SWIFT’s KYC Registry is making significant strides in tackling the challenges in KYC processes. And with over 4,000 member banks signing up in less than three years, the appetite for progress in this area is clear. The KYC Registry allows users to share data, information and documentation - consistent in terms of structure and format - across the banking community.

Boost your operational efficiency

You can also achieve significant efficiency gains by adopting an integrated approach to internal compliance data and processes across business lines. By using our suite of KYC, Analytics/AML and sanctions products you can manage risk more effectively.

There is much to be gained by adopting a collaborative approach in the fight against financial crime, and The KYC Registry brings banks together to share data collectively.

Bart Claeys, Head of KYC Compliance Services, SWIFT

Are you concerned about the growing costs and complexity of your KYC compliance? Read this information paper to learn more.

Read the info paper

Achieving standardisation in KYC compliance