More than 1,125 financial institutions have now signed up to Swift's Know Your Customer (KYC) Registry. The centralised repository was set up in December 2014 to maintain a standardised set of data and documentation, provided by financial institutions and validated by Swift, which is required for compliance with regulations to prevent financial crime. Banks in 152 countries are now registered.
Swift's head of compliance services, Luc Meurant, said: “The KYC Registry is helping the industry to increase efficiency and mitigate cost and risk associated with Know Your Customer compliance.”
The registry, operated by Swift, provides KYC information for correspondent banks as well as fund distributors and custodians.
Banks are not charged for data contribution or for using the Registry to share their KYC information with other banks. To maximise the Registry's benefits, data consumption is free in 2015 for banks that contribute their own KYC information to the Registry and promote it to their correspondents.
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