The SWIFT Traffic Profile: your questions answered
What is the SWIFT Traffic Profile?
Users of The KYC Registry can subscribe to their unique SWIFT Traffic Profile. It’s a set of reports derived from aggregated SWIFT traffic data that provides a global view of the institution’s correspondent banking activity. The SWIFT Traffic Profile can help to pinpoint possible connections to sanctioned or high-risk jurisdictions. It can also be used to provide factual evidence of compliance and transparency to their correspondents.
What information does SWIFT Traffic Profile contain?
The SWIFT Traffic Profile uses SWIFT message traffic data to provide insights into an institution’s payments and trade finance activity, showing exposures to jurisdictions under sanctions from OFAC or the EU, or considered high-risk or non-cooperative by FATF.
Each SWIFT Traffic Profile comprises three reports for payments, and three for trade finance. The payments reports are compiled using aggregated MT 103, MT 202 and MT 202COV messages. The trade finance reports are compiled using aggregated MT 400, MT 499, MT 700 and MT 799 messages. Only live inter-customer SWIFT message traffic is used.
The reports provide an increasing level of detail:
- Level 1 reports show aggregate exposure for your institution
- Level 2 reports show exposure by country
- Level 3 reports show exposure by counterparty.
How do I get my SWIFT Traffic Profile?
If you’re a registered user of The KYC Registry, you can subscribe to your SWIFT Traffic Profile here.
Can I access the SWIFT Traffic Profiles of my correspondents?
You can ask your correspondents to grant you access to their SWIFT Traffic Profiles via The KYC Registry. They will decide whether to grant you access and they can also choose to revoke it. SWIFT plays no role in this process.
Who will have access to my SWIFT Traffic Profile?
A SWIFT Traffic Profile is created for a specific BIC. The institution covered by that Profile is the data owner and has exclusive control over access to it. Within the data owner institution, it is possible to specify which individual users can access reports, respond to access requests, et cetera. You can choose to share your Level 1 and 2 reports with correspondents via The KYC Registry, or to revoke access at any time. Level 3 reports cannot be shared through The KYC Registry and are intended for your use only.
How often is SWIFT Traffic Profile data updated?
Your SWIFT Traffic Profile will be updated quarterly so you can keep track of any changes in your traffic patterns. We’ll also update your Profile if there are changes to the FATF, OFAC or EU lists.
Is there a charge for the SWIFT Traffic Profile?
The SWIFT Traffic Profile is a value-added service for users of The KYC Registry. You can find details of the current annual subscription here. It covers three reports for the payments market and three for trade finance, updated quarterly.
Can I get a SWIFT Traffic Profile without registering for The KYC Registry?
No, the SWIFT Traffic Profile is only available to users of The KYC Registry who have registered for The KYC Registry.