25 June 2018

SWIFT has updated the KYC Security Attestation (KYC-SA) application

Enhancements will address a number of challenges faced by the community.

SWIFT has announced a number of enhancements to the KYC Security Attestation (KYC-SA) application, the online tool in which customers are required to submit their annual attestation of compliance with the mandatory and advisory security controls. The enhancements will improve the user-friendliness of the tool and should address a number of challenges faced by the community. For example, 

  • Customers will now have a view in the KYC-SA of all the counterparties it has exchanged SWIFT traffic with over the previous 13 months, making it much easier to identify which counterparties it needs to access in the KYC-SA. 
  • Users will also be able to bulk process access requests or ‘whitelist’ counterparties upfront rather than handling hundreds of access requests one-by-one. 
  • A further enhancement is that customers will be able to extract KYC-SA data securely for inclusion in their risk management processes and to strengthen security even more, we have introduced the KYC-SA role of ‘security officer’ to generate these sensitive business reports. 

These enhancements to the KYC-SA application are available now, and further details of each can be found in the Release Letter dated 22 June, which is included in the User Handbook.

There is now a wealth of attestation data in the KYC-SA and customers should be requesting access to their counterparties’ attestation details and including assessment of their counterparties’ attestation data in their cyber risk management framework and policies, alongside other risk considerations such as KYC, sanctions and AML.

For more information on the KYC-SA and support materials on how to get the most out the KYC-SA, please visit the KYC-SA page or speak to your SWIFT account manager.

Product

The KYC Security Attestation application

The tool for all SWIFT users to submit their attestation data. Release 3.0 now available

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