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SWIFT KYC Registry
SWIFT in Compliance (Frankfurt)
Alex Delaey
17 June 2014
Contacts: kyc.registry@swift.com
The Context
An unprecedented challenge to comply with KYC legal requirements
As new laws continue to increase KYC requirements,
current processes show major weaknesses:
• KYC requirements are complex and inconsistent across
jurisdictions
• Information exchange is cumbersome, repetitive and
inefficient
• Required information is not always available or of the
right quality
2SWIFT KYC Registry – 2014 – Confidentiality: Public
Efficiency
The Concept
A central platform to collect, store and distribute KYC information
SWIFT KYC Registry – 2014 – Confidentiality: Public
Create more transparency through
guaranteed data quality and value-
added information
EffectivenessStandardisation
3
Reduce complexity through a default
set of data and documents and
enhanced reporting capabilities
Create synergies, provide the
information once and collect information
from a single source
4
Introducing the
KYC Registry
from SWIFT
SWIFT KYC Registry – 2014 – Confidentiality: Public
SWIFT KYC Registry – 2014 – Confidentiality: Public
SWIFT KYC Registry in a nutshell
Your single source of correspondent banking KYC information
Industry-owned
Well established, neutral
partner renowned for
driving standardised,
industry-wide solutions
SWIFT
KYC
Registry
Global
Reach more than
7,000 banks active in
correspondent banking,
representing more than
1 million relationships
Collaborative & user-
controlled
Banks submit, maintain
and selectively exchange
data through the platform
Unique value-add
SWIFT Profile increases
transparency through
unique, factual traffic
activity report
Complete & up-to-date
SWIFT continuously
verifies and validates the
quality of the data
Collection of data and documents
• Structured data
• Supporting documents
• Maintenance
• Archiving and versioning
Controls
• Completeness, validity, accuracy
Reporting and monitoring
• Platform activity reporting and practices
• Audit trail
• Notifications
Value added services
• SWIFT profile
6
Inscope
Outofscope
SWIFT KYC Registry – 2014 – Confidentiality: Public
Name screening
• List screening (PEP, blacklist checking)
• Alert management or bad press
Risk scoring
• SWIFT proposed risk score
• Communication on (non)-accepted
counterparties
Due Diligence
• Around intermediaries
Regulatory watch and market
practices
• Monitoring of legal/regulatory updates
What is the SWIFT KYC Registry?
(and what it’s not)
7
Content
SWIFT KYC Registry – 2014 – Confidentiality: Public
Registry Content & Controls
• Comprehensive set of data
• Directly provided by the source
• Supports multiple languages
• Electronic only
• Fact-based and documented validation
• Yearly revalidation of all information
• Data quality ratings visible to all
• No judgemental or opinion-making controls
Controls
8SWIFT KYC Registry – 2014 – Confidentiality: Public
Registry Features & Functionalities
Consumption
• Search and view counterparty summary
• Request access to your counterparty’s data
• Access your counterparty’s data
• Watchlists and notifications upon update
• Add and maintain your own KYC data
• Grant and manage access to your data
• Receive reporting and audit logs
• Manage KYC users for your organisation
Contribution
&admin
9SWIFT KYC Registry – 2014 – Confidentiality: Public
SWIFT Profile – The Concept
A standard traffic-based report to support your KYC
• Objective and factual, based on FIN traffic
• Helps validate declared behaviour
• Substantiates risk rating process
• Different levels of granularity
• Optional and shared at bank’s discretion
• Specific, transparent and unambiguous
• Does not include competitive information
• Compliant with SWIFT data retrieval policy
SWIFTProfile
10
January ’14
• Formal announcement of the
KYC Registry initiative
• Start of KYC Working Group
• Begin data collection with
Working Group
September ’14
• Open the Registry for data
contribution by a number of
selected banks
December ’14
• Open the Registry for data
contribution and consultation
by all banks
• Commercial launch of the
Registry
SWIFT KYC Registry – 2014 – Confidentiality: Public
Timeline
The journey starts today
Bootstrap General
availability
Controlled
ramp-up
11SWIFT KYC Registry – 2014 – Confidentiality: Public
Next steps: Start planning now!
• Inform those responsible for your customer due
diligence about the SWIFT KYC Registry initiative
• Identify and determine who will be responsible for
maintaining your institution’s data on the KYC
Registry
• Review and potentially adapt your KYC
procedures to start using the KYC Registry
Thank you
Contacts: kyc.registry@swift.com

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KYC Registry

  • 1. SWIFT KYC Registry SWIFT in Compliance (Frankfurt) Alex Delaey 17 June 2014 Contacts: kyc.registry@swift.com
  • 2. The Context An unprecedented challenge to comply with KYC legal requirements As new laws continue to increase KYC requirements, current processes show major weaknesses: • KYC requirements are complex and inconsistent across jurisdictions • Information exchange is cumbersome, repetitive and inefficient • Required information is not always available or of the right quality 2SWIFT KYC Registry – 2014 – Confidentiality: Public
  • 3. Efficiency The Concept A central platform to collect, store and distribute KYC information SWIFT KYC Registry – 2014 – Confidentiality: Public Create more transparency through guaranteed data quality and value- added information EffectivenessStandardisation 3 Reduce complexity through a default set of data and documents and enhanced reporting capabilities Create synergies, provide the information once and collect information from a single source
  • 4. 4 Introducing the KYC Registry from SWIFT SWIFT KYC Registry – 2014 – Confidentiality: Public
  • 5. SWIFT KYC Registry – 2014 – Confidentiality: Public SWIFT KYC Registry in a nutshell Your single source of correspondent banking KYC information Industry-owned Well established, neutral partner renowned for driving standardised, industry-wide solutions SWIFT KYC Registry Global Reach more than 7,000 banks active in correspondent banking, representing more than 1 million relationships Collaborative & user- controlled Banks submit, maintain and selectively exchange data through the platform Unique value-add SWIFT Profile increases transparency through unique, factual traffic activity report Complete & up-to-date SWIFT continuously verifies and validates the quality of the data
  • 6. Collection of data and documents • Structured data • Supporting documents • Maintenance • Archiving and versioning Controls • Completeness, validity, accuracy Reporting and monitoring • Platform activity reporting and practices • Audit trail • Notifications Value added services • SWIFT profile 6 Inscope Outofscope SWIFT KYC Registry – 2014 – Confidentiality: Public Name screening • List screening (PEP, blacklist checking) • Alert management or bad press Risk scoring • SWIFT proposed risk score • Communication on (non)-accepted counterparties Due Diligence • Around intermediaries Regulatory watch and market practices • Monitoring of legal/regulatory updates What is the SWIFT KYC Registry? (and what it’s not)
  • 7. 7 Content SWIFT KYC Registry – 2014 – Confidentiality: Public Registry Content & Controls • Comprehensive set of data • Directly provided by the source • Supports multiple languages • Electronic only • Fact-based and documented validation • Yearly revalidation of all information • Data quality ratings visible to all • No judgemental or opinion-making controls Controls
  • 8. 8SWIFT KYC Registry – 2014 – Confidentiality: Public Registry Features & Functionalities Consumption • Search and view counterparty summary • Request access to your counterparty’s data • Access your counterparty’s data • Watchlists and notifications upon update • Add and maintain your own KYC data • Grant and manage access to your data • Receive reporting and audit logs • Manage KYC users for your organisation Contribution &admin
  • 9. 9SWIFT KYC Registry – 2014 – Confidentiality: Public SWIFT Profile – The Concept A standard traffic-based report to support your KYC • Objective and factual, based on FIN traffic • Helps validate declared behaviour • Substantiates risk rating process • Different levels of granularity • Optional and shared at bank’s discretion • Specific, transparent and unambiguous • Does not include competitive information • Compliant with SWIFT data retrieval policy SWIFTProfile
  • 10. 10 January ’14 • Formal announcement of the KYC Registry initiative • Start of KYC Working Group • Begin data collection with Working Group September ’14 • Open the Registry for data contribution by a number of selected banks December ’14 • Open the Registry for data contribution and consultation by all banks • Commercial launch of the Registry SWIFT KYC Registry – 2014 – Confidentiality: Public Timeline The journey starts today Bootstrap General availability Controlled ramp-up
  • 11. 11SWIFT KYC Registry – 2014 – Confidentiality: Public Next steps: Start planning now! • Inform those responsible for your customer due diligence about the SWIFT KYC Registry initiative • Identify and determine who will be responsible for maintaining your institution’s data on the KYC Registry • Review and potentially adapt your KYC procedures to start using the KYC Registry