Regional banks: quality, standardised KYC documentation your correspondents demand
You do business with many banks, but you look to a few large correspondents for global reach. They must comply with stringent KYC requirements and transparency about your operations. The KYC Registry helps you respond with high-quality, validated data all your correspondents can rely on. Simply and cost-effectively.
KYC enquiries are increasing
Correspondent banking everywhere is under scrutiny, due to reducing margins and increasing regulatory obligations.
For smaller local and regional banks, maintaining and growing your international business may depend on a handful of key relationships with larger correspondents, who are re-evaluating relationships and de-risking in the face of stringent Know Your Customer (KYC) and anti-money laundering obligations and mounting costs incurred as part of their due diligence programmes.
The result: increasing due diligence requests for detailed information about your operations and counterparties. Many bilateral exchanges on different questions, in different formats, can quickly cause costs and workloads to escalate, put pressure on limited resources and reduce the timeliness and quality of responses.
When effective KYC due diligence is an entry requirement for your business, you need a better way to respond.
Solution: The KYC Registry
We have it. The KYC Registry is a secure, online platform where you can upload a set of standardised KYC documentation and choose to share it with your selected correspondents and counterparties.
We’ve developed the Registry in collaboration with the industry and worked with the world’s largest correspondent banks to define a standard set of KYC data and document specifications to cover the requirements of different jurisdictions. So you and your correspondents can be sure you’re meeting a global best practice standard for KYC compliance.
The KYC Registry also helps you to maintain your data efficiently. When you upload your data we validate it and send alerts when something changes or needs updating.
There’s no charge for uploading, updating and sharing your data, and you always retain ownership and full control over who you choose to share it with.
You can also ask correspondents to share their data with you via the Registry. Whenever you use data for one of your correspondents, you pay a single fee – and can then access that data as many times as you need.
SWIFT Traffic Profile
Your correspondents may also require additional transparency in order to assess potential risks and “nested activity” in your downstream business with other counterparties (so-called Know Your Customer’s Customer requests.)
To provide this transparency and reassurance about your operations, you can subscribe to the SWIFT Traffic Profile – a unique, tailored report of your aggregated, global traffic data. You can then share this report with your correspondents via the Registry.
The KYC Registry and SWIFT Traffic Profile make it easy for local and regional banks to meet international best practice for KYC due diligence.
With The KYC Registry and SWIFT Traffic Profile, you only share your data once to respond comprehensively and efficiently, enhancing your reputation and safeguarding your business.
Get more information
Find out more about how The KYC Registry benefits local and regional banks.
Find out more about the SWIFT Traffic Profile