Latest News
- Disaster and Business Continuity
- Derivatives Operations +
-
Securities Operations
+
- Affirmation, Allocation & Confirmation
- Back Office
- Buy-Side
- Case Studies
- Clearing
- Corporate Actions
- Data Management
- FX Operations
- Hedge Fund Operations
- Industry News
- Mergers & Acquisitions
- Middle-Office
- Operational Risk
- Ops Automation
- Outsourcing
- Private Markets
- Reconciliation & Exceptions
- Risk Management
- Sell-Side
- Settlement
- T+1 Settlement
- Diversity & Human Interest +
- FinTech Trends +
- Opinion +
- Performance Measurement +
- Regulation & Compliance +
- Industry News +
- FTF Media & Content Channels +
- FTF Bull Run Blog
Financial messaging and services cooperative SWIFT has expanded its Know Your Customer (KYC) Registry to support funds distribution and custody services, officials say.
Formerly focused exclusively on correspondent banking, the KYC Registry will now offer “fund distributors and custodians a unique approach to KYC compliance by providing access to a standardized set of qualified data and documentation needed to fulfill KYC objectives,” according to a SWIFT statement.
Fund distributors and custodians will not be able to contribute an agreed “baseline” set of data and documentation to SWIFT, which will then validate the data and allow contributors to easily share it with their counterparties.
“Fund distributors and custodians face similar challenges to banks with KYC due diligence,” says Mark Gem, head of compliance at Clearstream and chair of the SWIFT Securities Compliance Working Group, in a statement. “I am pleased that SWIFT is extending the reach of The KYC Registry, building upon its momentum in correspondent banking.”
The KYC Registry launched in October of 2014 and was designed by SWIFT in collaboration with the industry “to help financial institutions address the challenge of conducting counterparty due-diligence in a more timely and cost-effective way than” previous KYC practices, the statement says.
Need a Reprint?- Read More:
- CFTC,
- KYC,
- KYC registry,
- SWIFT,
- compliance
Leave a Reply