Bolivian banks connected to SWIFT are now using the Know Your Customer (KYC) Registry, marking further expansion of the registry in Latin America.
The centralised repository maintains a standardised set of information on financial institutions, required for regulatory KYC compliance. It provides a way to exchange information for correspondent banking KYC rules, increasing efficiency and reducing risk.
Banks contribute an agreed ‘baseline' set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it.
Alvaro Alvarez Monasterios, president of Bolivia’s Bank Association Compliance Commission, said: “SWIFT’s efforts to create the KYC Registry and engage the financial community are instrumental in the global fight against money laundering and financial crime. The registry’s value in mitigating financial crime risks is unrivalled in this market.”
Nelson Villalobos, deputy of Bolivia’s Bank Association Compliance Commission, added: “The adoption of SWIFT’s KYC Registry by all member banks demonstrates the industry’s commitment to preventing financial crime, both at the national and international level.”
Fedra Ware, SWIFT practice lead for compliance services in Latin America, said: “With heightened expectations from regulators across the board for improved levels of transparency, banks in Latin America need to demonstrate a steadfast commitment to financial crime compliance.”
“By taking clear action, Bolivia’s financial community sets the tone for a stronger financial system, thereby supporting the region’s inclusion in wider international trade activity.”
The SWIFT KYC Registry has now been adopted by more than 2,350 financial institutions, globally. It is used by banks in every Latin American market, and is endorsed by central banks and financial communities in the Dominican Republic, Panama and Costa Rica.
