Customer due diligence and KYC is essential in order to protect the global financial system from money laundering and financing of illegal and criminal activities.
Multi-jurisdictional anti-money laundering (AML) regulations require banks to collect specific information and documentation on their corporate and correspondent banking relationships. Collecting data to perform the necessary checks can be lengthy and complex.
SWIFT’s KYC Registry has been designed in collaboration with banks from across the globe to address these challenges. The KYC Registry is a secure global platform providing predefined data fields and document types to help standardise and streamline the data collection process.
To date, SWIFT report that more than 5,500 financial institutions are using the KYC Registry to both publish their KYC data and receive data from their correspondent banks. It is recognised as the accepted standard for correspondent banking due diligence. The registry has now been extended to corporate customers of SWIFT to help simplify the KYC process between banks and corporates.
Further details can be found in the following link: