In January 2015, SWIFT will be launching a new reporting service, SWIFT Profile, that provides a global overview of an institution’s correspondent banking activities, which banks can share at their own discretion.
SWIFT Profile, part of the organization’s Know Your Customer (KYC) offering, will use aggregated SWIFT traffic data to help banks identify areas of potential risk within specific jurisdictions and supports due diligence activities. Banks have the option of asking SWIFT to create this profile, which the banks can then share with their counterparties using The KYC Registry.
“By providing a global summary of an institution’s SWIFT traffic activities, the SWIFT Profile can help banks to focus their due diligence efforts and improve the effectiveness and efficiency of their KYC assessments,” says David Fleet, managing director, CDD and Middle Office, Standard Chartered Bank.
“Industry leaders and regulators alike have highlighted the importance of knowing your customer’s customer,” says Luc Meurant, head of Banking Markets and Compliance Services, SWIFT. “The SWIFT Profile will enable banks to better assess their counterparties’ own declared behavior and gain insights into potential risks posed by the activities of their counterparties and those institutions’ customers. Likewise, it will also help banks provide more transparency to their correspondent banking service providers.”
SWIFT says this will be the first in a series of value-added KYC and customer due diligence services that SWIFT will introduce, following the general availability of the KYC Registry in December 2014.
SWIFT to Launch Correspondent Banking Activity Report as Part of KYC
In January 2015, SWIFT will be launching a new reporting service, SWIFT Profile, that provides a global overview of an institution’s correspondent banking activities, which banks can share at their own discretion.