SWIFT to Provide Free Access to KYC Registry

SWIFT says it will provide access free of charge to its new KYC Registry throughout 2015 to those banks that contribute their own institutional know your customer (KYC) data.

Data consumption will be free in 2015 for those institutions that contribute their own information. This, says SWIFT, will make it easier for banks to work together to reduce the cost and effort related to KYC compliance.

Developed by SWIFT as a user-driven initiative, the KYC Registry platform is operational with the following 12 banks now contributing their information: Barclays, Deutsche Bank, Erste Group Bank, HSBC, ING, Raiffeisen Bank International, Bank of America Merrill Lynch, Citi, Commerzbank, J.P.Morgan, Societe Generale and Standard Chartered

Additional institutions are signing on as early adopters and adding their data, providing for a rich data set when The KYC Registry becomes generally available at the end of 2014, says SWIFT.

Luc Meurant, head of banking markets and compliance services, SWIFT, says: “SWIFT created The KYC Registry to enable its community to collectively address the global challenge of KYC compliance. We are delighted by the number of banks that are already contributing their information as part of this SWIFT-led, industry-driven solution. This unique introductory offer makes it even easier for banks to enjoy the full benefits of the initiative.”

SWIFT says the KYC Registry helps SWIFT users comply with worldwide KYC requirements, while reducing the cost of compliance activities and the risk of non-compliance. SWIFT performs fact-based controls of information in the Registry to check for completeness, accuracy and validity.