Swift Creates KYC Utility amid Compliance Push
The KYC registry is being created in response to demand arising from anti-money laundering regulations (AML), for which the KYC process is critical. Swift will host and validate the data, with firms being responsible for their own information.
"Collecting and maintaining up-to-date information about other institutions and performing due diligence checks on correspondent banking partners are time-consuming and duplicative tasks for banks," says Luc Meurant, head of Swift's new Compliance Services division, which is focusing on sanctions screening, AML and KYC. "By developing a central, global KYC registry, Swift can help banks reduce KYC-related costs and mitigate compliance-related risks, enabling them to manage better their financial crime compliance processes."
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