13 September 2018

SWIFT’s KYC Registry reaches 5,000 user milestone

Financial institutions are taking an increasingly collaborative approach in the fight against financial crime.

In the context of Know Your Customer (KYC), banks are working together to reduce costs and improve the efficiency of maintaining KYC data. And SWIFT’s KYC Registry (The Registry) helps banks share their compliance burden.

SWIFT customer security programme

Already used by more than 5,000 banks, representing more than 80% of SWIFT traffic, The Registry has significantly accelerated and simplified the exchange of due diligence information between correspondent banks – saving them time and money. And The Registry continues to gain traction across the industry, indicating a clear appetite for further progress in this area.

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

Strength through collaboration

Current users are actively using The Registry to streamline internal KYC processes to save time and increase effectiveness. The Registry is now fully aligned with the revised Wolfsberg Group correspondent banking due diligence questionnaire (CBDDQ). This keeps our service in line with evolving regulatory requirements and industry best practice, which allows banks to further reduce costs and improve the client experience for their respondents.

KYC Registry members can answer every Wolfsberg question directly on the platform, increasing transparency and streamlining due diligence processes.

Looking ahead

The capabilities of The Registry are growing rapidly, with users already experiencing workflow efficiencies. We are planning the use of dynamic APIs, which will allow banks to evolve from date-driven to event-triggered reviews and we also hope to extend the scope of The Registry to bring similar benefits to other parts of the community.

Part of SWIFT’s community-inspired compliance solutions roadmap

Product

The KYC Registry

A secure, shared platform to exchange standardised Know Your Customer data

Our Solutions

Financial Crime Compliance

breakthrough solutions to complex and costly challenges.

News

SWIFT echoes industry’s support for correspondent banking due diligence initiative, aligning KYC Registry with latest Wolfsberg Questionnaire

As part of its ongoing efforts to support the industry in tackling the global decline in correspondent banking relationships, SWIFT has aligned...

Extended reading

News

Bank of America Merrill Lynch sees significant KYC time savings using SWIFT’s KYC Registry

SWIFT’s KYC Registry provides added resource for correspondent banking client due diligence
News

Lloyds Bank extracts real value from its trusted relationship with The KYC Registry

SWIFT’s Registry saves time, increases consistency, and makes cumbersome processes easier
News

RMA and RMA Plus: managing correspondent connections

This SWIFT paper explains how you can better understand, manage and mitigate operational, compliance and fraud risks in line with industry recommendations

SWIFT Insights

  • Discover the latest trends in financial services
  • Keep up with our news updates
  • Read thought-provoking industry reports
  • Explore global events and webinars
Read more