BNP Paribas has joined electronic messaging platform SWIFT’s Know Your Customer (KYC) Registry.

The centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance now has nearly 2,000 entities signed up to the service.

Baseline data

Banks signed up to the KYC 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.

Registry participants

Head of compliance services at SWIFT, Luc Meurant, says the registry now comprises participants both from large global and regional banks as well as financial communities.

The KYC Registry now includes nearly 2,000 entities from 191 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.

Categories: Trade Based Financial crimes News