BTG Pactual joins SWIFT’s KYC Registry
BTG Pactual to use SWIFT's KYC Registry to help address growing KYC and AML compliance challenges.
This press release is also available in Portuguese.
Sao Paulo, 1 July 2015 - SWIFT announces today that BTG Pactual, one of Latin America's largest financial services firms, 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.
For the KYC Registry, 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. To maximise the Registry's benefits, data consumption is free in 2015 for banks that contribute their own KYC information to the Registry and promote it to their correspondents.
Luc Meurant, Head of Banking Markets and Compliance Services at SWIFT, says, "The KYC Registry is a key initiative behind SWIFT's commitment to help its community 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 BTG Pactual to our growing list of participants demonstrates the value the KYC Registry is bringing to the correspondent banking community."
Christina Hutchinson, Head of SWIFT Brazil, adds, "In a landscape where collaborative approaches are gaining momentum, SWIFT is pleased to help BTG Pactual address the increasing financial crime compliance requirements and welcome them to the growing community of users leveraging SWIFT services to support an effective and efficient implementation of their financial crime compliance processes."
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 more than 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.
Tel: +44 (0)20 7426 9400