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Six additional major banks join SWIFT’s KYC Registry initiative

Six additional major banks join SWIFT’s KYC Registry initiative

22 July 2014

Brussels, 22 July 2014

SWIFT announces that six additional global banks have signed up to jointly develop its Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about banks required for due diligence processes.

Barclays, Deutsche Bank, Erste Group Bank AG, HSBC, ING and Raiffeisen Bank International AG are the latest banks to sign up to the SWIFT-led KYC initiative, bringing the total number of participating banks to twelve. These institutions join Bank of America Merrill Lynch, Citi, Commerzbank, J.P.Morgan, Societe Generale and Standard Chartered, whose participation in the KYC initiative was announced in March 2014.

Luc Meurant, Head of Banking Markets and Compliance Services at SWIFT, says: "Collaboration is playing a major role in the development of this industry-driven initiative. Banks want to collectively address the challenges around KYC compliance and SWIFT is well placed to help. We are receiving tremendous support from the banking community and are making great progress delivering a tool the industry needs to better support KYC compliance for correspondent banking."

The twelve banks have been participating in a SWIFT-led working group to agree the Registry's processes as well as the documentation and data that will fulfil most of the basic KYC requirements across multiple jurisdictions. A number of working group banks are already populating the Registry with their own relevant KYC information, and user testing of the Registry's secure, web-based platform is ongoing. Starting in September, an additional group of major banks will begin contributing their company data, helping to ensure a rich set of information is available when the SWIFT KYC Registry goes live at the end of the year.

The KYC Registry is a new initiative by SWIFT that was developed in collaboration with the financial industry and will help banks manage their compliance challenges and reduce the high costs associated with implementing KYC-related regulations. The principle behind SWIFT's KYC Registry is that each user will have a standardised access point to obtain details on their counterparties, while remaining in control of their own information and which institutions can view it. 

SWIFT's KYC Registry is currently in pilot and expected to go live at the end of 2014.

Join SWIFT at Sibos 2014 Boston

KYC compliance will be one of the many regulatory topics in focus at the Compliance Forum at Sibos 2014 in Boston. SWIFT will host auditorium sessions on the KYC Registry, Compliance Analytics, and its Sanctions Screening and Sanctions Testing solutions. Delegates can meet SWIFT's financial crime compliance services team at stand E80.

The Compliance Forum, on September 30 - October 1, is a two-day event that reflects on the profound impact of regulatory requirements on financial institutions and debates ways for industry to cooperate and mitigate compliance-related risk and costs. Panelists will discuss regulatory trends, the relevance of utilities, and how standards can help banks address financial crime compliance.

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 SWIFT KYC Registry. For more information, visit the Compliance Services on

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,500 financial institutions and corporations in 215 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, please refer to our website or contact:

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