Extensive documentation and testimonials aside, we captured for you the true essence of the KYC compliance utility of choice for the global banking community, none other than SWIFT’s Know Your Correspondent Registry, appropriate for Banks correspondent relationships.
- Registration, validation and publication of bank’s info are free of charge. You only pay when you access another bank’s info.
- Global tier 1-2 banks benefit from 5 free BIC data consumptions if they register by the end of this year.
- High-quality validated data: SWIFT’s extensive KYC ops team checks periodically the validity of the documents against public and regulatory resources.
- Benefit from reduced effort and costs related to mitigating risks, as well as increased efficiency, by using a single, standardised point of reference.
- User-friendly: like in social media, there is a news feed where you can see the updates of the banks you have access to, and you can also directly chat with the KYC users in other banks.
- Full access control: your bank data is not public domain, so other users need to ask for your permission in order to access it. By default, access is valid for a year, but you can revoke it anytime.
- Even if you do not intend to access other banks info available in the platform, it is still strongly recommended to register into the worldwide compliance bank community that is KYC Registry. This way, you prove your transparency and trustworthiness to other banks!
Also, please know that the KYC Registry holds information about institutions, not about individuals or private customers, and the data relevant to Customer Due Diligence requirements includes among others, the following:
- identification of the customer
- ownership and management structure
- type of business and client base
- compliance information
- tax information
These being said, we kindly invite you to join the nearly 5,000 banks already in the KYC Registry. Please know that we are here to promptly offer you our assistance in this process.
*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.
**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.
***Should you wish to contact us, you may do so via e-mail / website form.