Swift announces today that BNP Paribas has joined the Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance.
Banks contribute an agreed ‘baseline' set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it. Banks are not charged for data contribution or for using the Registry to share their KYC information with other banks.
Luc Meurant, Head of Compliance Services at SWIFT, says: “The KYC Registry is a major initiative and part of SWIFT’s commitment to support its global community as members work to comply with financial crime compliance regulations. We are very pleased with the level of participation in the Registry, both from large global and regional banks as well as financial communities. Adding BNP Paribas to our growing list of participants shows how much value The KYC Registry is bringing to the correspondent banking community.”
Saskia Devolder, Head of Western Europe at SWIFT, adds: “The financial community is increasingly looking for a collaborative way to address common challenges such as combatting financial crime. SWIFT is pleased to help BNP Paribas address increasing financial crime compliance requirements.”