SWIFT’s KYC Registry continues to gain momentum with some of the largest banks in Eastern Europe and as far east as Mongolia
Sberbank has announced today that it has joined SWIFT’s Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance.
Larisa Zalomikhina, Global Head of Compliance at Sberbank, says: “The KYC Registry will help us increase transparency and optimise our KYC activities by providing access to hard-to-find information such as beneficiary and shareholder details.
We expect the remaining Sberbank companies to join the twelve that are already registered today.”
Natalia Dirks, Head of Operations at Sberbank, Rosswift Steering Committee Chairperson and SWIFT Member Group Chairperson, adds: “In addition to providing a single, secure platform for exchanging KYC data with our cross-border correspondents, we believe The KYC Registry can serve as a domestic standard for Russian bank know-your-customer purposes. As such, the Rosswift Steering Committee supports the Registry’s implementation by all Russian SWIFT users.”
Banks contribute an agreed ‘baseline' set of data and documentation to The KYC Registry 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.
Matthieu de Heering, head of Russia, CIS and Mongolia at SWIFT, adds: “In a landscape where collaborative approaches are gaining momentum, SWIFT is pleased to help Sberbank address the increasing financial crime compliance requirements. Adding Sberbank to the growing list of KYC Registry users highlights the great progress the Registry is making across Eastern Europe, particularly in markets, such as Russia, in all CIS countries, and Mongolia, with over 140 entities on board.”
Today, about 2,000 financial institutions in 191 countries are using The KYC Registry to facilitate compliance with a growing number of correspondent relationships worldwide. The KYC Registry is operated by SWIFT and was developed in collaboration with major global banks around the world, providing a simple, secure way to exchange a standardised set of information for correspondent banking Know Your Customer (KYC) compliance, increasing efficiency and reducing risk.