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January 8, 2014updated 04 Apr 2017 4:09pm

Swift forms new centralised database for banks

Swift, a financial messaging provider, has formed a new centralised database for the collection and distribution of client information required by banks.

By Verdict Staff

Swift, a financial messaging provider, has formed a new centralised database for the collection and distribution of client information required by banks.

Called Know Your Customer (KYC) Registry, the new utility will allow banks to manage compliance challenges and reduce the high costs associated with implementing KYC-related regulations.

Scheduled for launch in 2014, KYC Registry will provide banks with access to a central repository of up-to-date institutional information collected by Swift from participating banks.

Swift said that it will host and manage the utility by verifying the completeness, validity and accuracy of the data provided, while member banks will retain ownership of and responsibility for their own information.

Additionally, Swift has formed a new Compliance Services unit to manage its growing compliance services offering. The firm has named Luc Meurant to lead this new unit.

Swift banking markets and compliance services head, Luc Meurant, said: "By developing a central, global KYC Registry, Swift can help banks reduce KYC-related costs and mitigate compliance-related risks, enabling them to manage better their financial crime compliance processes."

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