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SWIFT to Offer KYC Service for Banks

GRC Announcements | November 14, 2014

Financial services firms will soon have at their fingertips a new report offered by SWIFT that provides a global overview of a banking institution’s correspondent banking activities. The new service will be available in January 2015 and forms part of SWIFT’s Know Your Customer (KYC) Registry, which is designed to address the growing KYC challenge for banks.

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,500 banking organisations, securities institutions and corporate customers in 215 countries and territories. Its new report, SWIFT Profile, uses aggregated SWIFT traffic data to help banks pinpoint areas of potential risk within specific jurisdictions and supports due diligence activities. It provides an independent fact-based overview of both the direct and nested correspondent...

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