Turkmenistan and Uzbekistan take up SWIFT’s KYC Registry

Financial messaging platform SWIFT has announced that financial communities in Turkmenistan and Uzbekistan have signed up to use its Know Your Customer (KYC) Registry.

The centralised repository is seen as a significant tool in tackling trade-based financial crime by maintaining a standardised set of information about correspondent banks, funds distributors and custodians required for due diligence processes.

New signings

In Turkmenistan, Halkbank, Bank Senagat, State Bank for Foreign Economic Affairs of Turkmenistan, Presidentbank, Bank Garagum, Bank Turkmenbashi, Bank Turkmenistan, Turkmen Turkish Bank and National Bank of Pakistan have signed up for SWIFT’s KYC Registry.

In Uzbekistan, Agrobank, Bank Asaka, Asia Alliance Bank, Infinbank, Aloqabank, Hamkorbank, Bank Ipak Yuli, National Bank for Foreign Economic Activity of the Rep. Uzbekistan, Davr Bank, Qishloq Qurilish Bank, Xalq Bank of the Republic of Uzbekistan, Trustbank, Uzbek Industrial and Construction Bank have joined the registry.

Growing network

The new signings bring the number of correspondent banks and other financial services firms in the registry to 3,500 across over 200 countries and territories. More than 20 central banks have also signed up for the service.

According to SWIFT, this means that two-thirds of its message traffic can now connect with the KYC Registry.

Launched in December 2014, the registry is a secure online data exchange solution through which members can instantly send data and documents to selected counterparties, without sacrificing control over their data or who sees it.

Categories: Trade Based Financial crimes News

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