Global Banks: end KYC data collection headaches. Focus on managing the risks.
For global banks with many correspondents, KYC due diligence is a huge and costly administrative task. Now there’s a way to obtain high-quality, standardised data on your counterparties from a single source, leaving compliance teams free to focus on risk analysis and priority case investigation.
A single source of KYC data
As a global bank, you must comply with the highest international requirements for Know Your Customer (KYC) due diligence. But you also have multiple correspondents located in many countries, making complete transparency difficult to achieve.
Reducing KYC costs and risks
This can lead to a huge, often manual, data collection and verification effort – not only when you onboard a new correspondent, but also for ongoing risk assessments.
Would you like to
- improve and harmonise KYC data quality in line with international requirements?
- access one set of standardised data per correspondent, across all your operations?
- reduce the work involved in maintaining KYC data?
- focus instead on risk reviews and relationship management?
- reduce the costs of compliance?
With The KYC Registry and the SWIFT Traffic Profile, these benefits are in easy reach.
How The KYC Registry works
The KYC Registry is a secure, online platform where participants can upload a set of standardised KYC documentation and choose to share it with selected counterparties.
We’ve developed the Registry in collaboration with the industry and worked with the world’s largest correspondent banks to define a standard set of KYC data and document specifications to cover the requirements of different jurisdictions. We validate the data and send alerts when something changes or needs updating.
So when you ask your correspondents to share their data via the Registry, you know you’re receiving up-to-date and comprehensive information – and that compliance teams across your operations have access to the same validated and standardised data sets.
There’s no charge to your correspondents for uploading and sharing their data; they always retain ownership and full control over who they choose to share it with.
The same applies when you upload and choose to share your own data via the Registry.
Whenever you use data for one of your correspondents, you pay a single fee – and every member of your compliance teams can access that data as many times as they need.
Assess downstream risks
The SWIFT Traffic Profile is a valuable, additional service that helps you to assess potential downstream risks and “nested activity” in your correspondents’ business.
You and your correspondents can each subscribe to receive a tailored report of your aggregated, global traffic data. You can then exchange these reports to provide transparency about downstream relationships and the ultimate origins and destinations of transactions. Reports of this kind are simply not available from any other source.
As global banks look to rationalise their correspondent networks and mitigate risk, the SWIFT Traffic Profile and The KYC Registry offer an efficient and cost-effective way to really understand your KYC risks.