A Community Approach to Promoting Trust, Transparency, and Efficiency in KYC Processes

Swift’s KYC Registry is now fully aligned with the latest Wolfsberg Group due diligence questionnaires, giving banks everything they need to manage their correspondent relationships in one place.

The more opportunities we have to share data, centralise important compliance process documentation, and bring the global financial community together, the better it is for everyone.

By sharing Know Your Customer (KYC) information, banks can better understand potential risks associated with their counterparts, react to situations more quickly, and make more informed decisions about how to evolve those relationships in the future.

That’s why we’re pleased to announce that our KYC Registry is now aligned with the latest Wolfsberg Group due diligence questionnaires, a key source of industry standardisation for compliance information.

Unlocking real-time compliance

The key to unlocking real, or near real-time compliance, lies in harnessing mutualised solutions to create a globally secure network.

By having a standardised approach to due diligence, compliance teams can play a more proactive role in managing risk and better facilitating global correspondent relationships for real-time, cross-border payments.

For banks looking to manage their KYC compliance in a centralised solution, Swift’s KYC Registry is an essential tool in the compliance toolbox, and one that is already used by over 5,500 financial institutions globally.

“We believe that achieving greater standardisation and transparency to deliver cost efficiencies for banks is a community approach. That’s why we’re committed to working with the Wolfsberg Group and other industry bodies to promote trust, transparency, and efficiencies in the banking community.” – Bart Claeys Head of Data and Analytics Products Strategy, Swift

Embedding the latest Wolfsberg Group Principles in the KYC Registry

We’ve worked in partnership with the Wolfsberg Group for many years, enabling our KYC Registry users to exchange their due diligence questionnaires alongside other standardised KYC data and documentation via one secure and centralised platform.

The ever-evolving KYC Registry baseline standard was established and is maintained by Swift in conjunction with 20 leading financial institutions. It’s underpinned by strict adherence to regulatory requirements and strengthened by the banking community’s practical experiences and the inclusion of due diligence guidelines from key industry bodies.

The KYC Registry now contains the Wolfsberg Group’s latest Correspondent Banking Due Diligence Questionnaire (CBDDQ) v1.4 and Financial Crime Due Diligence Questionnaire (FCCQ) v1.2, along with updated supporting guidance, glossary, and FAQ materials.

This means that members can answer all CBDDQ and FCCQ questions directly on the KYC Registry. Being able to complete all compliance tasks and answer all questions in a single place reduces costs and saves the time normally spent trying to meet compliance obligations on multiple bilateral exchanges.

What’s new in the Wolfsberg Group CBDDQ?

The expanded scope of the latest CBDDQ reflects the changing financial crime landscape, with new questions related to fraud, whistleblower policy, virtual bank licence, and more.

These updates improve the logic, usability, and flow of the questionnaire while responding to user concerns by increasing the time available for updating the declaration to no less frequently than 18 months.

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