Eight central banks in Latin America have adopted SWIFT’s Financial Crime Compliance solutions to enhance transparency and combat financial crime.
The banks say they are doing this to strengthen their know-your-customer (KYC) capacity and ensure they are not violating sanctions.
The central banks of Belize, Bolivia, Costa Rica, Curacao, Dominican Republic, Ecuador, Haiti and Paraguay, have implemented SWIFT’s financial crime compliance solutions.
These include SWIFT’s KYC Registry and Sanctions Screening. In addition to adopting the registry themselves, some of the central banks have also endorsed the adoption of the KYC Registry across their entire jurisdictions.
As a result of this regional effort, the number of institutions adopting SWIFT’s financial crime compliance tools in the region has nearly doubled in less than 12 months.
One reason behind the central banks’ decision is to try to stem or reverse the trend of de-risking, which has seen many US and international banks sever correspondent banking relationships in Latin America.
Categories: Trade Based Financial crimes News