ING has become the latest bank to sign up to SWIFT’s Know-Your-Client (KYC) Registry, bringing the total number of users to more than 1,875.
Benoît Waltregny, chief compliance officer at ING, said: “Having proper due diligence in place at the start and throughout the ongoing customer relationship is of great importance.”
He added: “At ING, we are committed to really knowing our correspondent banking customers. The KYC Registry from SWIFT will help us retrieve high-quality, standardised KYC information more easily and effectively, and will further enhance the quality of KYC information across the financial industry.”
Bart Claeys, head of KYC compliance services at SWIFT, said: “The KYC Registry demonstrates SWIFT’s commitment to helping its customers comply with financial crime compliance regulations. Adding ING to our growing list of participants demonstrates the value the KYC Registry is bringing to the correspondent banking community.”
“We will continue to work closely with our community to increase registry adoption, add KYC-related services, and support banks with integrating data from the Registry into their KYC compliance processes.”
The KYC Registry is now used in institutions in more than 191 countries, and has been adopted by more than 100 financial institutions in Latin America alone.
