Itaú BBA to use SWIFT's KYC Registry and Sanctions Screening services to help address growing KYC and AML compliance challenges.
This press release is also available in Portuguese.
Sao Paulo, August 27, 2015 - SWIFT announces today that Itaú BBA, 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. The bank will also adopt SWIFT's Sanctions Screening service, which is a community-based solution used by financial institutions to provide real-time message screening against sanctions lists.
Christina Hutchinson, Head of SWIFT Brazil, adds, " SWIFT is pleased to help Itaú BBA address the increasing financial crime compliance requirements and welcomes them to the growing community of users leveraging SWIFT services to support an effective and efficient implementation of their financial crime compliance processes."
For The KYC Registry, banks contribute an agreed ‘standardised 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. As of today, The KYC Registry includes entities from more than 145 countries, facilitating compliance with a growing number of correspondent relationships worldwide.
Bart Claeys, Head of KYC 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 Itaú BBA to our growing list of participants demonstrates the value the KYC Registry is bringing to the correspondent banking community".
"In an effort to prevent financial crime, we promote the use of systematic analysis of the information coming from those financial institutions with which we conduct our operations," explains Alvaro Pimentel, Executive Director of Itaú BBA operations. "SWIFT's KYC Registry will connect us in real time with these institutions enabling the exchange of a large volume of data, thus enhancing the operations' security and the prevention of financial crime, such as money laundering and tax evasion".
For Sanctions Screening, the service combines a highly sophisticated screening engine and sanctions list management with SWIFT's security, reliability and resilience. Transactions can be screened against more than 30 of the most important sanctions lists, including lists from the U.S. Office of Foreign Assets Control, (OFAC), the UK's HM Treasury, the European Union, and the Hong Kong Monetary Authority. SWIFT performs sanctions list updates at no additional charge, eliminating a major source of cost and risk for customers. SWIFT's Sanctions Screening service is used by more than 371 financial institutions in nearly 120 countries.
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 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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