More than 2,000 financial institutions have signed up for SWIFT's Know Your Customer (KYC) registry, a centralised database which maintains a standardised set of information about financial institutions required for KYC compliance.

The registry was launched in December 2014 and is now used by nearly 1,150 banks in Europe, the Middle East and Africa; 325 in the Americas, and over 550 in the Asia Pacific region.

It helps banks meet KYC compliance requirements by providing data for correspondent banks, fund distributors and custodians. Bank participants contribute an agreed minimum set of data and documents for validation by SWIFT, which can then be shared with their counterparties.

Bart Claeys, head of KYC compliance services, SWIFT, said: “The KYC Registry is helping financial institutions increase efficiency and mitigate cost and risk related to Know Your Customer compliance. Its rapid adoption demonstrates the important role of standardised, community-driven solutions in addressing compliance challenges. SWIFT will continue to expand its offering of utility solutions to meet the industry’s evolving KYC needs.”

SWIFT intends to expand its KYC compliance portfolio with additional services during the course of 2016.