Re-think your KYC processes
The cost of doing thorough due diligence on correspondent banking partners is high. But the cost of not doing it is even higher.
There has to be a better way: Welcome to smarter, simpler KYC compliance.
Sharing the KYC burden
Financial institutions are in the front line against cross-border financial crime. Governments and regulatory bodies require extensive due diligence on the part of correspondents to know their customer – and their customer’s customer. The costs of non-compliance are high: but the costs and reputational impact of non-compliance are even higher.
Correspondent banks all share the same administrative burden and for little or no competitive advantage: multiple bi-lateral KYC data exchanges, duplication of work and handling of non-standard documents across multiple internal departments.
When SWIFT’s members came together to look for solutions to these issues, we responded with a managed service on a secure, intuitive platform. We’ve cut through the complexity to give the industry a simpler, standardised way to get the job done.
The KYC Registry
The KYC Registry lets financial institutions exchange KYC information simply and securely, increasing transparency while eliminating costly and redundant document exchanges.
We’ve worked with the world’s largest correspondent banks to define a standard set of KYC data and documents to cover the requirements of different jurisdictions. We validate the data and send alerts when something changes or needs updating.
Upload your data once to The KYC Registry and you can share it as often as you like with the correspondents you choose, in a standardised and easy-to-use format.
You can also request clarification or additional documentation directly from your correspondents via the Registry, reducing the cost and effort of counterparty onboarding and ongoing due diligence.
There’s no charge to join and upload your data, so the benefits to your organisation are immediate.
- More about The KYC Registry.
The SWIFT Traffic Profile
The SWIFT Traffic Profile is a subscription-based, value-added service for KYC Registry users.
On request, we will prepare your unique SWIFT Traffic Profile based on your FIN message traffic for payments and trade finance. The SWIFT Traffic Profile report highlights any exposures to high-risk or sanctioned territories in your institution’s global correspondent network – including indirect exposures resulting from correspondents’ ‘downstream’ activity with their counterparties.
The reports are updated quarterly to help you pinpoint compliance risks. Your SWIFT Traffic Profile can also provide added transparency and evidence of compliance to your correspondents and improve the efficiency of your customer due diligence enquiries.
- More about The SWIFT Traffic Profile.
KYC Adverse Media
This new service supports customer due diligence (CDD) and Know Your Customer (KYC) compliance by providing KYC Registry users with unlimited access to press articles and regulator ‘profile notes’ about their correspondents. KYC Adverse Media is offered by SWIFT as a subscription-based service in partnership with Dow Jones Risk & Compliance.
- More about The KYC Adverse Media service.
How SWIFT helps
At SWIFT we’re committed to developing community-based solutions that reduce the effort and cost of compliance for our members.
Take SWIFTRef Bankers World Online, for example. It provides world-class reference data and financial information to help evaluate correspondent relationships, and is a powerful complementary service to The KYC Registry.
With SWIFT’s KYC solutions, you can always be sure that we act as a neutral third party, providing a secure shared platform for the exchange of high-quality, factual information. No more, no less. Your data is always under your control, and your responsibility.