At last. One place to share and access KYC data.
The benefits for your organisation
Financial institutions everywhere have dedicated teams working to source the same Know Your Customer information, from the same counterparties and correspondents, for the same due diligence procedures.
It’s generating huge inefficiencies and adding significantly to the overall cost of maintaining a correspondent network and meeting compliance obligations.
Yet regulations are more demanding and complex than ever before. It’s imperative that you can demonstrate a thorough, auditable and timely analysis of your FI network’s operations, and the risk they might pose to your institution.
Reduces cost and risk
Sourcing and maintaining this breadth and depth of information is a real challenge.
Now there’s a solution. The KYC Registry has been developed by SWIFT in response to its members’ need for a cost-effective, secure and easy-to-use way to exchange standardised KYC data with correspondents.
The KYC Registry was launched in December 2014, and over 3,000 banks in over 175 countries are already using it to exchange their KYC data. It’s a simple and cost-effective way to improve the efficiency of your operations, reduce cost and mitigate risk.
And, there’s never any charge to contribute your data to The KYC Registry, or to share it securely with your counterparties using the Registry.
Get high-quality, validated data
As well as efficiency improvements, you’ll benefit from high-quality, validated data conforming to a single global standard set of requirements when you use The KYC Registry:
- Industry-defined, standardised data set
SWIFT worked with a group of international banks to define a baseline set of documentation that addresses KYC requirements across multiple jurisdictions.
These include, for example:
- Customer identification
- Ownership and management structure
- Types of business and client base
- Operating geographies
- Compliance information (such as Enhanced AML Questions, responses to the Wolfsberg AML Questionnaire, and USA Patriot Act Certification)
- Tax information (TIN, GIIN, and FATCA).
The KYC Registry prompts data contributors to upload the required documents, reducing errors and promoting user confidence. As a result, Registry users receive standardised and comparable information from their correspondents, in an agreed format.
- Validated, up-to-date data
Once you’ve submitted your data to The KYC Registry, we’ll thoroughly cross check and review it as well as prompt you if it’s incomplete or needs updating. We’ll also alert your correspondents whenever your key data changes.
- Always in control
With The KYC Registry, you’re always in control of your data. You can grant or refuse access in response to requests, and you can ask for access to your correspondents’ data. No data will be shared with any party without the express permission of the data owners.
Access unique insights
Add value to your KYC Registry data by subscribing to the SWIFT Traffic Profile. This neutral and factual report presents your aggregated global FIN traffic data, highlighting your exposure to sanctioned or high-risk geographies via direct or indirect payments across your FI network.
The KYC Registry is a neutral platform for SWIFT members to share and exchange their factual KYC data. It offers objectivity based on a standard set of data and documents that have been validated for accuracy and currency. The risk analysis itself always remains the responsibility of the financial institutions that use the Registry.