kyc registry

SWIFT KYC Registry SWIFT in Compliance (Frankfurt)

Alex Delaey

17 June 2014

Contacts: [email protected]

The Context An unprecedented challenge to comply with KYC legal requirements

As new laws continue to increase KYC requirements,

current processes show major weaknesses:

• KYC requirements are complex and inconsistent across

jurisdictions

• Information exchange is cumbersome, repetitive and

inefficient

• Required information is not always available or of the

right quality

2 SWIFT KYC Registry – 2014 – Confidentiality: Public

Efficiency

The Concept A central platform to collect, store and distribute KYC information

SWIFT KYC Registry – 2014 – Confidentiality: Public

Create more transparency through guaranteed data quality and value-added information

Effectiveness Standardisation

3

Reduce complexity through a default

set of data and documents and

enhanced reporting capabilities

Create synergies, provide the

information once and collect information

from a single source

4

Introducing the

KYC Registry from SWIFT



SWIFT KYC Registry in a nutshell Your single source of correspondent banking KYC information

Industry-owned

Well established, neutral partner renowned for driving standardised,

industry-wide solutions

SWIFT

KYC

Registry

Global Reach more than

7,000 banks active in correspondent banking, representing more than 1 million relationships

Collaborative & user-controlled

Banks submit, maintain and selectively exchange data through the platform

Unique value-add

SWIFT Profile increases transparency through unique, factual traffic

activity report

Complete & up-to-date

SWIFT continuously verifies and validates the

quality of the data

Collection of data and documents • Structured data

• Supporting documents

• Maintenance

• Archiving and versioning

Controls • Completeness, validity, accuracy

Reporting and monitoring • Platform activity reporting and practices

• Audit trail

• Notifications

Value added services • SWIFT profile

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Name screening • List screening (PEP, blacklist checking)

• Alert management or bad press

Risk scoring • SWIFT proposed risk score

• Communication on (non)-accepted counterparties

Due Diligence • Around intermediaries

Regulatory watch and market practices

• Monitoring of legal/regulatory updates

What is the SWIFT KYC Registry? (and what it’s not)

7

Conte

nt


Registry Content & Controls

• Comprehensive set of data

• Directly provided by the source

• Supports multiple languages

• Electronic only

• Fact-based and documented validation

• Yearly revalidation of all information

• Data quality ratings visible to all

• No judgemental or opinion-making controls Contr

ols


Registry Features & Functionalities

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• Search and view counterparty summary

• Request access to your counterparty’s data

• Access your counterparty’s data

• Watchlists and notifications upon update

• Add and maintain your own KYC data

• Grant and manage access to your data

• Receive reporting and audit logs

• Manage KYC users for your organisation

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tion

& a

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SWIFT Profile – The Concept A standard traffic-based report to support your KYC

• Objective and factual, based on FIN traffic

• Helps validate declared behaviour

• Substantiates risk rating process

• Different levels of granularity

• Optional and shared at bank’s discretion

• Specific, transparent and unambiguous

• Does not include competitive information

• Compliant with SWIFT data retrieval policy

SW

IFT

Pro

file

10

January ’14

• Formal announcement of the KYC Registry initiative

• Start of KYC Working Group

• Begin data collection with Working Group

September ’14

• Open the Registry for data contribution by a number of selected banks

December ’14

• Open the Registry for data contribution and consultation by all banks

• Commercial launch of the Registry


Timeline The journey starts today

Bootstrap General availability

Controlled ramp-up


Next steps: Start planning now!

• Inform those responsible for your customer due

diligence about the SWIFT KYC Registry initiative

• Identify and determine who will be responsible for

maintaining your institution’s data on the KYC

Registry

• Review and potentially adapt your KYC

procedures to start using the KYC Registry

Thank you

Contacts: [email protected]

kyc registry

Economy & Finance