The community of correspondent banks using SWIFT's KYC Registry continues to grow
Brussels, 7 December 2015 - SWIFT announces today that BNP Paribas has joined the Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance.
Banks contribute an agreed ‘baseline' set of data and documentation for validation by SWIFT, which the 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 banks.
Luc Meurant, Head of Compliance Services at SWIFT, says: "The KYC Registry is a major initiative and part of SWIFT's commitment to support its global community as members work to comply with financial crime compliance regulations. We are very pleased with the level of participation in the Registry, both from large global and regional banks as well as financial communities. Adding BNP Paribas to our growing list of participants shows how much value The KYC Registry is bringing to the correspondent banking community."
Saskia Devolder, Head of Western Europe at SWIFT, adds: "The financial community is increasingly looking for a collaborative way to address common challenges such as combatting financial crime. SWIFT is pleased to help BNP Paribas address increasing financial crime compliance requirements."
Launched in December 2014, the KYC Registry includes nearly 2,000 entities from 191 countries, facilitating compliance with a growing number of correspondent relationships worldwide. The KYC Registry is operated by SWIFT and was developed in collaboration with major global banks around the world.
For more information about The KYC Registry, visit KYC on swift.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 Compliance Services on swift.com.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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