Unique report helps banks improve the effectiveness and efficiency of their KYC compliance activities.
Understanding counterparty behaviour is a major part of banks' risk and compliance strategies. With industry leaders and regulators alike highlighting the importance of "knowing your customer's customer," Swift has introduced the Swift Profile to help banks do just that.
The Swift Profile is a unique set of reports, based on aggregated Swift traffic data, which provides a global overview of a given institution's correspondent banking activities. The Swift Profile reports are now available, and institutions can order their report when they sign up for The KYC Registry, the new industry-owned KYC utility from Swift.
"The Swift Profile can help correspondent banks improve the effectiveness and efficiency of their KYC compliance activities," says Bart Claeys, Head of KYC Compliance Services at Swift. "Banks can use the reports to better assess their counterparties' declared behaviour, and gain insights into potential risks from the activities of their counterparties and those institutions' customers. Banks can also share their Swift Profile with their counterparties in order to demonstrate their own compliance and provide greater transparency about their correspondent banking activities."
Each institution that signs up for The KYC Registry can ask Swift to produce its Swift Profile. Banks can use their own reports for compliance and risk assessment purposes, and can exchange the reports with their counterparties as part of the customer due diligence (CDD) process.
The Swift Profile is the first in a series of value-added KYC and customer due diligence services that Swift will offer in connection with The KYC Registry, which went live in December 2014.
The KYC Registry provides secure exchange of KYC information, supporting transparency and compliance. Correspondent banks can use it to securely store and share their institution's KYC information - including their Swift Profile - with their counterparties.
More information:
- More details and videos about the Swift Profile here
- Visit KYC on swift.com and learn how to start using The KYC Registry
