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
The KYC data to be...