Swift's KYC Registry has been made available to fund distributors and custodians as part of a move to extend compliance services to the securities community.

Swift has made its Know Your Customer (KYC) Registry available to fund distributors and custodians. The registry was developed by Swift in 2014 to help banks address the growing challenge of conducting effective counterparty due diligence, with a standardised set of qualified data and documentation. Now fund distributors and custodians will also have access to this data.

“As we continue to consult on our compliance strategy and roadmap we recognise that financial crime compliance is increasingly becoming a significant challenge for securities customers, and we are looking at broader ways of addressing those challenges, for example in the area of screening services,” says Paul Taylor, director of compliance services at Swift.

The KYC Registry, which was developed by Swift in collaboration with industry stakeholders, includes entities from more than 110 countries, facilitating compliance with a growing number of correspondent relationships worldwide.

Swift's full press release can be read here.