Bolivian banks connected to SWIFT are now using the Know Your Customer (KYC) registry. What are the implications of this growing use of the KYC programme for corporate treasury?

The KYC registry is SWIFT’s centralised repository service that provides a standardised set of information about financial institutions required for KYC compliance.

SWIFT says that the registry has been adopted by more than 2,350 financial institutions globally since December 2014. The registry is used in tandem with existing compliance programmes. A statement from the organisation says the registry is used by domestic and international banks in Latin America as well as in the Dominican Republic, Panama, and Costa Rica.

Alvaro Alvarez Monasterios, President of Bolivia’s Bank Association Compliance Commission, says: “SWIFT’s efforts to create the KYC Registry and engage the financial community are instrumental in the global fight against money laundering and financial crime. The Registry’s value in mitigating financial crime risks is unrivalled in this market.”

Beyond the wider benefits of fighting financial crime, the growing adoption of the KYC registry should facilitate the process of correspondent banking and reduce the complexity of KYC compliance for banks, which will indirectly benefit corporate treasury.