In the context of Know Your Customer (KYC), banks are working together to reduce costs and improve the efficiency of maintaining KYC data. And Swift’s KYC Registry (The Registry) helps banks share their compliance burden.
Already used by more than 5,000 banks, representing more than 80% of Swift traffic, The Registry has significantly accelerated and simplified the exchange of due diligence information between correspondent banks – saving them time and money. And The Registry continues to gain traction across the industry, indicating a clear appetite for further progress in this area.
Swift’s KYC Registry helps users better manage risk, and reduce the cost and effort related to KYC compliance.
Strength through collaboration
Current users are actively using The Registry to streamline internal KYC processes to save time and increase effectiveness. The Registry is now fully aligned with the revised Wolfsberg Group correspondent banking due diligence questionnaire (CBDDQ). This keeps our service in line with evolving regulatory requirements and industry best practice, which allows banks to further reduce costs and improve the client experience for their respondents.
KYC Registry members can answer every Wolfsberg question directly on the platform, increasing transparency and streamlining due diligence processes.
Looking ahead
The capabilities of the Registry are growing rapidly, with users already experiencing workflow efficiencies. We are planning the use of dynamic APIs, which will allow banks to evolve from date-driven to event-triggered reviews and we also hope to extend the scope of The Registry to bring similar benefits to other parts of the community.
Part of Swift’s community-inspired compliance solutions roadmap
