Itaú BBA to Use Swift KYC Registry, Sanctions Screening

For the KYC Registry, banks contribute an agreed ‘standardised 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, and banks are not charged for data contribution or for using the Registry to share their KYC information with other banks. The KYC Registry includes entities from more than 145 countries, facilitating compliance with a growing number of correspondent relationships worldwide.

For Sanctions Screening, transactions can be tested against more than 30 of the most important sanctions lists, including lists from the U.S. Office of Foreign Assets Control, (OFAC), the UK’s HM Treasury, the European Union, and the Hong Kong Monetary Authority. Swift performs sanctions list updates at no additional charge, eliminating a major source of cost and risk for customers. SWIFT’s Sanctions Screening service is used by more than 371 financial institutions in nearly 120 countries. 

“In an effort to prevent financial crime, we promote the use of systematic analysis of the information coming from those financial institutions with which we conduct our operations," explains Alvaro Pimentel, executive director of Itaú BBA operations. "Swift's KYC Registry will connect us in real time with these institutions enabling the exchange of a large volume of data, thus enhancing the operations’ security and the prevention of financial crime, such as money laundering and tax evasion”.