KYC registry: correspondent banking’s saviour?

Author: Danielle Myles | Published: 25 Sep 2015

More than 1,250 banks are sharing their know your client [KYC] data via a global repository that provides an alternative to bilateral checks for anti-money laundering (AML), sanctions and other compliance.

It’s hoped to reverse the trend of correspondent bank networks being terminated due to the time and cost involved in individual risk assessments outweigh the benefit of the relationship.

Launched in January by SWIFT [Society for Worldwide Interbank Financial Telecommunication], the KYC registry is a secure and centralised platform where members can host baseline KYC documentation, and grant other members access to it.

"The objective is to improve efficiencies regarding the time and cost involved in data collection. Not just to reduce headcount and increase savings, but also in that the time saved can be spent on more judgemental and qualitative assessments," said Bart Claeys, head of KYC compliance services at SWIFT.

The KYC data to be...



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