Secure financial messaging service provider SWIFT says it has opened up membership of its know-your-customer (KYC) information exchange platform to all supervised financial institutions.
The KYC Registry has hitherto only been available to Swift-connected institutions.
From September 2017, all entities subject to supervision by a financial market regulator will be able to join, regardless of whether or not they are connected to SWIFT.
Since its December 2014 launch, the KYC Registry has been limited to SWIFT-connected supervised institutions.
The secure, global utility is now used by nearly 4,000 correspondent banks and funds players to contribute, share and consume a comprehensive set of KYC data and documents.
Extending the registry’s membership means that current members will benefit from even broader coverage of their correspondent banking and funds distribution networks.
This will allow them to further consolidate and streamline their customer due diligence activities.
Smaller institutions will benefit from industry-agreed standards and best practices in KYC compliance according to a SWIFT statement.
Categories: Trade Based Financial crimes News