An additional six global banks have signed up to SWIFT’s Know Your Customer (KYC) registry.
The registry is a centralised repository that maintains a standardised set of information about banks required for due diligence processes.
The latest signups include Barclays, Deutsche Bank, Erste Group Bank, HSBC, ING and Raiffeisen Bank International. These additions join the original six banks – Bank of America Merrill Lynch, Citi, Commerzbank, J.P. Morgan, Societe Generale and Standard Chartered – who participated in the KYC initiative from March 2014.
KYC was developed by SWIFT in collaboration with the financial industry to help banks manage their compliance challenges and reduce the high costs associated with implementing KYC-related regulations.
Luc Meurant, head of banking markets and compliance services at SWIFT, said: “Collaboration is playing a major role in the development of this industry-driven initiative. Banks want to collectively address changes around KYC compliance and SWIFT is well placed to help.”
“We are receiving tremendous support from the banking community and are making great progress delivering a tool the industry needs to support KYC compliance for correspondent banking.”
Registry is expected to go live at the end of the year with an additional group of major banks set to begin contributing data in September.
.jpg)