SWIFT has partnered with Dow Jones to provide a media service for the users of its Know Your Customer (KYC) Registry. The registry is a database of standardised information about financial institutions, which is required for KYC compliance. The media service – called KYC Adverse Media – will be integrated into the registry and will make Dow Jones Risk & Compliance data available to users, which comprise more than 2,500 correspondent banks and funds players.

The service will provide access to content from more than 32,000 news publications worldwide, as well as regulatory notifications linked to each member of the registry, making it easier for users to see news coverage relevant to their counterparties. Its focus is on negative news coverage for financial, regulatory, competitive, production, environmental, and social or labour related issues.

Bart Claeys, SWIFT's head of KYC compliance services, said: “The addition of KYC Adverse Media is the next step in our strategic roadmap to deliver cost-effective, community inspired financial crime compliance services that help our members optimise the effectiveness and efficiency of their compliance programmes.”

SWIFT stated that “The searchable database also provides access to news content about banks that have not yet joined the registry. In addition, although banks retain full control over which registry members can view their official KYC data and documentation, KYC Adverse Media content is open to all KYC Registry users for optimal transparency.”