The Know Your Customer Registry developed by Swift is now available to correspondent banks.

"Regulatory compliance imposes an enormous cost burden on banks and they are actively looking for common platforms to help mutualize that cost and reduce risk," says Gottfried Leibbrandt, CEO, SWIFT. "The KYC Registry is our next flagship in financial crime compliance, delivering on our commitment to provide community-wide solutions for the industry."

The KYC Registry maintains information banks need to manage compliance with anti-money-laundering and Know Your Customer rules. Banks contribute their own data to the Registry that they are required to collect as part of due diligence regulations. Each bank participant in this Registry determines which other financial institutions can review their data.

More than 20 banks are currently participating in The KYC Registry, including Barclays, Deutsche Bank, JPMorgan Chase, Bank of America, Citigroup, HSBC, ING, Raiffeisen Bank International, Erste Group Bank, Société Générale, Commerzbank and Standard Chartered.

Swift will not charge banks in 2015 for contributing data to the Registry or for promoting their information to correspondent banks.

"Regulatory compliance imposes an enormous cost burden on banks and they are actively looking for common platforms to help mutualize that cost and reduce risk," said Gottfried Leibbrandt, chief executive of Swift, in a Thursday press release.