SWIFT KYC Registry exceeds 1,125 entities
Sep 16, 2015
Why KYC is killing banking (and a possible solution)
When “know your client” rules for correspondent banking went live, banks responded by exiting countries and products en-masse. New onboarding and database tools should help to reverse this worrying trend.
On June 29, Deutsche Bank went live with the Society for Worldwide Interbank Financial Telecommunication’s (Swift) KYC Registry. The German lender’s transaction banking division integrated the centralised compliance repository into its “know your client” (KYC) processes to cut down on excessive onboarding times.
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