The introduction of corporates will enable corporates to upload standard information to the Know Your Customer (KYC) registry as well as to exchange other KYC-relevant documents that are requested by their banks.
Wednesday 13, February 2019 BY KUDAKWASHE MUZORIWA
SWIFT has announced that it will open its KYC registry platform to corporates to ensure usability of the platform.
Onur Ozan, the Head of MENA and Turkey at SWIFT, said, “The KYC registry offers a secure platform for the SWIFT banking community in the Middle East to exchange standardised data.”
In a statement, SWIFT stated that lenders will benefit by having access to corporates’ information – which will enable efficient data sharing through a secure central utility, eliminating duplication and inefficiency.
Denis Kruger, the Head of SWIFT Sub-Sahara Africa, said, “Complying with the large number of global regulations that aim to combat money laundering and terrorist financing is a challenge for African banks and corporates, both in terms of costs and resources.”
SWIFT said that from Q4 2019, all 2,000 SWIFT-connected corporate groups will be able to join the registry and use it to upload, maintain as well as share their KYC information with their banks.
KYC for corporates is a dream come true for all treasurers, considering the heavy workload involved in providing the same documentation several times in multiple formats to banks, added John Colleemallay, the Senior Director Group Treasury & Financing at Dassault Systèmes.
The KYC registry is an online portal for financial institutions to exchange institutional KYC due diligence information.
KYC registry will address issues like incomplete or out of date data from companies by major corporations which use a range of banks in different jurisdictions around the world.