Supporting KYC compliance for funds distributors, intermediaries and transfer agents
Funds players face challenges with Know Your Customer compliance: multiple communications, formats and requirements from counterparties are difficult and costly to manage. Working with the industry, we’ve developed a simple, secure way to exchange a standardised set of data and documentation for KYC due diligence: The KYC Registry.
Meet KYC requirements more efficiently
Against a background of increased use of financial sanctions and stronger international enforcement, the securities industry, like the banking industry, is coming under heightened scrutiny.
Stringent Know Your Customer and anti-money laundering compliance obligations present a significant challenge for funds distributors required to satisfy due diligence enquiries from custodians, platform providers and transfer agents, who themselves may need to provide reassurance to other intermediaries that activities are compliant.
Now The KYC Registry can help you manage these growing KYC due diligence requests more efficiently, comprehensively and at lower cost.
How The KYC Registry works
It’s a secure, online platform where participants can upload a set of standardised KYC data and documentation and choose to share it with selected counterparties and industry participants, who in turn, can also share their own data. So, instead of responding to multiple bilateral information requests, you share the same data via the Registry with the parties you choose, saving time and costs.
We’ve developed The KYC Registry in collaboration with our community, defining a standard set of KYC data and document specifications to cover the requirements of different jurisdictions.
Ready to join the KYC Registry?
Here’s everything you need to get started.
Who benefits and how
Funds distributors principally respond to requests for due diligence as data owners. The KYC Registry provides you with multiple benefits:
- Your data is maintained securely online in a comprehensive and standardised format
- Your data is validated by SWIFT – we send alerts when something needs updating
- Back-office work is reduced and due diligence is simplified.
There’s no charge for uploading and sharing data and you always retain ownership and full control over who you choose to share it with.
Intermediaries and platforms need to collect as well as provide data. The KYC Registry helps you to:
- Access data from funds distributors in one place, and a single format
- Reduce manual work
- Speed up data flow.
Custodians and Transfer Agents are principally data collectors. Requesting funds distributors to share their data with you via The KYC Registry is very efficient:
- Access data in one place, ending multiple requests to different destinations and systems
- Receive data that is verified and validated by SWIFT compliance specialists
- Receive all data requests in the same, standardised format
- Communicate through the Registry when clarification is required.
Whenever you use data for one of your counterparties, you pay a single annual fee – and your compliance teams can then access that data as many times as they need.