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 went live at the end of 2014 and until now has focused on correspondent banking.
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.