Title: Bolivia’s Banking Community Joins Swift’s KYC Registry to Enhance Financial Crime Compliance

April 13, 2016

Swift, the global leader in financial messaging services, celebrated a significant milestone with the announcement that all member banks in Bolivia’s banking community have joined Swift’s Know Your Customer (KYC) Registry. This centralized repository helps maintain standardized financial institution information, ensuring KYC compliance in the global fight against money laundering and financial crimes.

Swift’s Global Adoption and Central Bank Endorsements

Since December 2014, Swift’s KYC Registry has been adopted by over 2,350 financial institutions worldwide, including those in Latin America. The registry is now used in various jurisdictions like the Dominican Republic, Panama, and Costa Rica, following endorsement from their respective Central Banks or financial communities.

Bolivian Banks’ Dedication to Preventing Financial Crimes

Alvaro Alvarez Monasterios, President of Bolivia’s Bank Association Compliance Commission, highlighted Swift’s role in the global fight against financial crime:

“Swift’s creation of the KYC Registry and their engagement with the financial community are instrumental in the global fight against financial crime. The Registry’s unrivaled value in mitigating financial crime risks is evident in the market.”

Nelson Villalobos, Deputy of Bolivia’s Bank Association Compliance Commission, further emphasized the industry’s commitment:

“The commitment of Bolivia’s financial community to prevent financial crime through the KYC Registry demonstrates our dedication to strengthening our financial system and supporting the region’s inclusion in wider international trade activity.”

Significance of Financial Crime Compliance for Latin American Banks

Fedra Ware, Practice Lead Compliance Services Latin America at Swift, commented on the importance of financial crime compliance for Latin American banks under regulatory scrutiny:

“With increased expectations from regulators for improved transparency, the financial community in Latin America must clearly demonstrate a steadfast commitment to financial crime compliance. By adopting Swift’s KYC Registry, Bolivia sets the tone for a stronger financial system.”

Swift’s KYC Registry: Sharing and Controlling KYC Information

Swift’s KYC Registry offers several benefits to financial institutions by providing KYC information for correspondent banks, fund distributors, and custodians. This allows banks to share agreed sets of data and documents with counterparties for validation and control. Furthermore, each bank retains ownership of its information while also benefiting from Swift’s Traffic Profile service, which helps identify potential risks within their correspondent networks, thus protecting global financial system connections.

Swift’s Expanding Financial Crime Compliance Portfolio

Swift plans to expand its financial crime compliance portfolio with additional services in 2016. For more information on The KYC Registry, visit www.betterkyc.com.

1. Swift’s Financial Crime Compliance Services Portfolio: www.swift.com/complianceservices
2. Swift’s Press Room: www.swift.com/press-releases

About Swift

Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. Swift’s messaging platform, products, and services facilitate messaging and standards for secure, reliable communication, identification, analysis, and financial crime compliance. For more information, visit www.swift.com or follow Swift on Twitter: @swiftcommunity and LinkedIn: SwiftContacts: Adriana Villasenor - Adriana.Villasenor@swift.com, +1 718-715-6042.