Financial messaging network Swift has announced the creation of a global Know Your Customer (KYC) Registry to help banks to manage compliance challenges and reduce the high costs associated with implementing anti-money laundering regulations.
This is indeed good news. It should also resolve one of the issues I anticipated my
"Why is Supply Chain Finance so Slow to Grow?" blog post.
Good news for SWIFT and banks but this could wipe out the half dozen or so vendors who have flourished by providing onpremise sanctions screening solutions to individual banks.
CompetitiveNew York City, NY (USA)
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