Financial community of Dominican Republic joins SWIFT’s KYC Registry
New York, 5 May - SWIFT today announces that the Dominican Republic is the first country to implement the KYC Registry as a financial community. Nearly all member banks of the Dominican Republic SWIFT user community have now become registered users of The KYC Registry.
The following press release is also available in Spanish
Says Fabiola Herrera, Director, Payments and Systems, at the Central Bank of the Dominican Republic, "Banks who engage in correspondent relationships require a range of information and documents about their counterparties in order to achieve effective due diligence programs and meet other regulatory requirements. Adopting the SWIFT central KYC utility as a whole community means that banks in the Dominican Republic will raise their levels of compliance with applicable anti-money laundering standards. It also allows us to strengthen the mechanisms for preventing and mitigating risks associated with crimes of a financial nature in the Dominican Republic."
SWIFT announced recently that its KYC Registry now has entities from across 109 countries, facilitating compliance with a growing number of correspondent relationships worldwide. Launched in December 2014, the KYC Registry provides a simple, secure way to exchange a standardised set of information for correspondent banking Know Your Customer (KYC) compliance, increasing efficiency and reducing risk.
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 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 and, as illustrated by this initiative in the Dominican Republic, by local communities."
Jairo Namur, Regional Manager, Latin America at SWIFT, adds: "In a landscape where collaborative approaches are gaining momentum, SWIFT is pleased to help the Dominican Republic community work together to meet the increasing financial crime compliance requirements."
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 the 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.
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