What your payments data can tell you is worth knowing
Clear reports on payments flows
The SWIFT Traffic Profile is a value-added service for users of The KYC Registry. It’s a set of reports providing a clear, graphical view of your SWIFT message traffic involving jurisdictions that are considered high-risk by FATF or are sanctioned by the EU or OFAC.
By subscribing to your SWIFT Traffic Profile, you can see potential risks and understand which jurisdictions and counterparties are involved. Your SWIFT Traffic Profile presents independent neutral data, derived from SWIFT’s unique global aggregated message traffic. It is updated quarterly, giving you the up-to-date, factual evidence you need for your risk assessments.
By sharing your Profile data, you can provide transparency on your activities to your counterparties. In turn, your counterparties can share their SWIFT Traffic Profile data with you, helping you to know your customer’s customers.
Spot exposures to high-risk jurisdictions
The reports, which cover inter-customer payments and trade finance traffic, provide straight answers to important questions:
- Is the bank exposed to high-risk or sanctioned jurisdictions? (Level 1 reports)
- Which jurisdictions does the exposure come from? (Level 2 reports)
- Which institutions does the exposure come from? (Level 3 reports)
The results are shown by relative value and volume, allowing you to quickly assess the risks and focus attention where it’s most needed without revealing any competitive information.
Uncover your indirect connections
As well as your direct inbound and outbound messages, the reports also reveal any indirect exposures resulting from your counterparties’ downstream activity and nested accounts with their counterparties – information that is critical to ensuring you can act to safeguard your institution and ensure compliance.
Demonstrate compliance to your correspondents
As well as helping your own risk assessments, your SWIFT Traffic Profile is valuable evidence of your institution’s compliance and transparency. You can provide this to your correspondents through The KYC Registry to satisfy their due diligence enquiries.
You can share your Level 1 and Level 2 reports via the Registry. Your correspondents must request access from you, which you can grant, deny or revoke – you always stay in control of your data.
Enhance due diligence and efficiency
If you’re a user of The KYC Registry, you’ll already be getting the benefits of a single set of standardised KYC documentation that you can share with your correspondents and receive from them.
The KYC Registry is helping the industry cut through the complexity and reduce the costs of compliance by working together to achieve best practice. SWIFT acts as a neutral intermediary, providing a secure shared platform for the exchange of information. Your data is always under your control, and your responsibility.
By subscribing to your SWIFT Traffic Profile, you can further increase the value and effectiveness of your KYC effort, standardise due diligence communications, and reduce your exposure to potential penalties for non-compliance.