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Panama’s Bank Association endorses SWIFT’s KYC Registry

Panama’s Bank Association endorses SWIFT’s KYC Registry

Company Information,
17 November 2015

SWIFT's KYC Registry gains momentum amongst Panama's banks

New York, November 17 2015 - SWIFT today announces that Panama's Bank Association, PBA, with regional membership of 71 domestic and international banks, endorses The Know Your Customer (KYC) Registry, a centralized repository that maintains a standardised set of information on correspondent banks' requirements for KYC compliance.    

Mario de Diego, Executive Vice-President at Panama's Bank Association, says, "The endorsement of SWIFT´s Know Your Customer (KYC) Registry by the Panama Banking Association is a clear illustration of the association's steadfast commitment to collaborate with the international community to prevent financial crime and to attain financial inclusion. The PBA looks forward to effectively having all its member banks on The KYC Registry."

Ricardo Fernandez, Superintendent of Banks of Panama, adds, "By adopting SWIFT's KYC Registry, Panama's financial community furthers its commitment to enhance transparency amongst corresponding banks, a critical aspect of the country's economic development. Public-private partnerships are instrumental in supporting a country's regulatory framework and its compliance with international standards. We thank the Panama Bank Association for its leadership and compromise in this important matter."

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.

Jairo Namur, Head of Latin America at SWIFT, says: "In a landscape where collaborative approaches are gaining momentum, SWIFT is pleased to help Panama's Bank Association 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."

Today, more than 1,573 financial institutions in 179 countries are using The KYC Registry to facilitate 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, providing a simple, secure way to exchange a standardised set of information for correspondent banking Know Your Customer (KYC) compliance, increasing efficiency and reducing risk.

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.

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.

For more information, visit or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT

Adriana Villasenor
Tel: +1 708-715-6042