Bank technology

Six More Banks Join Swift's 'Know Your Customer' Registry Initiative

By Evan Nemeroff July 22, 2014, 1:50 p.m. EDT 1 Min Read

Swift announced that six more banks have signed up to jointly develop the organization's Know Your Customer Registry.

Barclays (BCS), Deutsche Bank (DB), Erste Group Bank, HSBC, ING and Raiffeisen Bank International are the latest financial institutions to participate in this initiative. Earlier this year, JPMorgan Chase (JPM), Bank of America (BAC), Societe Generale, Citigroup (C), Commerzbank and Standard Chartered signed a memorandum of understanding to develop the registry with Swift.

The planned KYC Registry will maintain information banks need to manage compliance with anti-money laundering and Know Your Customer rules. Banks will contribute the data they are required to collect. The Registry is currently in pilot phase and expected to go live at the end of this year.

"We are receiving tremendous support from the banking community and are making great progress delivering a tool the industry needs to better support KYC compliance for correspondent banking," said Luc Meurant, head of banking markets and compliance services at Swift, in a Tuesday press release.

SWIFT Announces Five Finalists for Fintech Startup Challenge

http://www.americanbanker.com/issues/179_110/swift-announces-five-finalists-for-fintech-startup-challenge-1067967-1.html

Swift Developing Registry to Vet Payment Clients, Counterparties

http://www.paymentssource.com/news/swift-developing-registry-to-vet-payment-clients-counterparties-3016572-1.html

Managing Editor

For reprint and licensing requests for this article, click here.

Bank technology

MORE FROM AMERICAN BANKER

Treasury Department

Bessent to be Treasury nominee, Trump taps Turner for HUD

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

By Kyle Campbell

November 22
Artificial intelligence

Fed's Bowman: Regulators 'must have an openness' to AI

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

By John Heltman

November 22
Succession planning

First Foundation's new CEO has history of priming banks to sell

The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.

By Catherine Leffert

November 22
Federal Reserve

Fed: Elevated asset valuations could threaten financial stability

In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.

By Kyle Campbell

November 22
SBA

A small-dollar business lending scheme finds a niche at Huntington

The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.

By John Reosti

November 22
Payments

JPMorgan Chase, Mastercard sell crypto-style B2B payment tech

The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.

By John Adams

November 22