KYC Registry


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Presentation from SWIFT Compliance Day 2014 in Frankfurt

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KYC Registry

  1. 1. SWIFT KYC Registry SWIFT in Compliance (Frankfurt) Alex Delaey 17 June 2014 Contacts:
  2. 2. 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 2SWIFT KYC Registry – 2014 – Confidentiality: Public
  3. 3. 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 EffectivenessStandardisation 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. 4. 4 Introducing the KYC Registry from SWIFT SWIFT KYC Registry – 2014 – Confidentiality: Public
  5. 5. SWIFT KYC Registry – 2014 – Confidentiality: Public 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
  6. 6. 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 6 Inscope Outofscope SWIFT KYC Registry – 2014 – Confidentiality: Public 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. 7. 7 Content SWIFT KYC Registry – 2014 – Confidentiality: Public 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 Controls
  8. 8. 8SWIFT KYC Registry – 2014 – Confidentiality: Public Registry Features & Functionalities Consumption • 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 Contribution &admin
  9. 9. 9SWIFT KYC Registry – 2014 – Confidentiality: Public 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 SWIFTProfile
  10. 10. 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 SWIFT KYC Registry – 2014 – Confidentiality: Public Timeline The journey starts today Bootstrap General availability Controlled ramp-up
  11. 11. 11SWIFT KYC Registry – 2014 – Confidentiality: Public 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
  12. 12. Thank you Contacts: