Addition of Bolivia completes SWIFT’s KYC Registry Latin America coverage

Bolivian banks connected to SWIFT can now using the messaging platform’s Know Your Customer (KYC) Registry.

The registry is a centralised repository that maintains a standardised set of information about financial institutions required for KYC compliance.

Regional coverage

Since December 2014, more than 2,350 financial institutions globally have adopted the KYC Registry as part of their compliance programmes.

The adoption by Bolivia of the registry means that in Latin America, domestic and international banks in every country across the region use it according to SWIFT.

Financial crime

Deputy of Bolivia’s Bank Association Compliance Commission, Nelson Villalobos, believes adopting the registry will help prevent financial crime.

“The adoption of SWIFT’s KYC Registry by all member banks demonstrates the industry’s commitment to preventing financial crime, both at the national and international level,” he said.

According to SWIFT, it will expand its KYC compliance portfolio with additional services during the course of 2016.

Bolivian banks connected to SWIFT can now using the messaging platform’s Know Your Customer (KYC) Registry.

The registry is a centralised repository that maintains a standardised set of information about financial institutions required for KYC compliance.

Regional coverage

Since December 2014, more than 2,350 financial institutions globally have adopted the KYC Registry as part of their compliance programmes.

The adoption by Bolivia of the registry means that in Latin America, domestic and international banks in every country across the region use it according to SWIFT.

Financial crime

Deputy of Bolivia’s Bank Association Compliance Commission, Nelson Villalobos, believes adopting the registry will help prevent financial crime.

“The adoption of SWIFT’s KYC Registry by all member banks demonstrates the industry’s commitment to preventing financial crime, both at the national and international level,” he said.

According to SWIFT, it will expand its KYC compliance portfolio with additional services during the course of 2016.



Categories: Trade Based Financial crimes News

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