SWIFT reports that BTG Pactual, a Latin American financial services firm, has joined the know-your-customer (KYC) registry of the financial messaging cooperative.
SWIFT, which provides the communications platform, products and services to connect more than 10,800 banking organizations, securities institutions and corporate customers, calls the KYC registry a “centralized repository that maintains a standardized set of information about correspondent banks required for KYC compliance.”
Here’s how SWIFT says the KYC registry works: “banks contribute an agreed ‘baseline’ set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it. Banks are not charged for data contribution or for using the Registry to share their KYC information with other banks. To maximize the Registry’s benefits, data consumption is free in 2015 for banks that contribute their own KYC information to the Registry and promote it to their correspondents.”
BTG Pactual describes itself as an “an investment bank and asset and wealth manager with a dominant franchise in Brazil, and a successful international investment and distribution platform.”
SWIFT’s financial crime compliance services portfolio includes sanctions screening and sanctions testing services, compliance analytics and the KYC registry, officials say.
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