-
A group of major banks have agreed to collaborate on a centralized know-your-customer registry with the financial messaging service Swift.
March 4 -
Thomson Reuters has launched a new client identity management solution for financial institutions that is designed to help them meet Know Your Customer regulatory requirements worldwide.
March 19 -
For more than a decade, U.S. regulators have been advising bankers to know more about their customers than who they are. In the next five years that may become the global norm as technology allows more granular transaction monitoring.
April 27
Financial messaging organization Swift opened its KYC registry to fund distributors and custodians Thursday.
The registry is an online portal that provides company information and data banks need to perform more timely and cost-effective due diligence to remain compliant with KYC and AML rules. It
Swift framed Thursday's launch as part of an effort to widen its compliance services to include its securities community, which faces financial crime risks and KYC due diligence challenges similar to those of banks.
Like the currently participating banks, fund distributors and custodians can contribute information for Swift to validate and other participants to share with their counterparties. All users own their KYC information and control who can access it on the registry.
Current participants include institutions from more than 110 countries, among them Barclays, Deutsche Bank, JPMorgan Chase, Bank of America, Citigroup, HSBC, ING, Société Générale, Commerzbank and Standard Chartered.
