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

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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

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