SWIFT has announced that Vietnam Bank for Agriculture and Rural Development (VBARD) has joined its Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance.
The KYC Registry will enable the bank to proactively share information with correspondent banks, increase efficiency, reduce costs and allow it to demonstrate KYC compliance more quickly and effectively according to VBARD’s deputy director, Doan Thi Thanh Huong.
Banks in the registry contribute an agreed baseline set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it.
Banks are not charged for data contribution or for using the registry to share their KYC information with other banks.
Data consumption is free in 2015 for banks that contribute their own KYC information to the registry and promote it to their correspondents.
Launched in December 2014, the KYC Registry includes entities from more than 125 countries, facilitating compliance with a growing number of correspondent relationships worldwide.
The KYC Registry is operated by SWIFT and was developed in collaboration with major global banks around the world.
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