Bolivia Joins Global Effort to Combat Financial Crime with Swift’s KYC Registry
Enhanced Financial Crime Compliance in Latin America
Bolivia has become the latest country in Latin America to adopt The Know Your Customer (KYC) Registry, a centralized repository maintained by Swift to facilitate compliance with financial regulations. This move strengthens Bolivia’s commitment to preventing financial crime at both national and international levels.
Global Adoption of The KYC Registry
Since December 2014, over 2,350 financial institutions worldwide have adopted The KYC Registry, including domestic and international banks in every country across Latin America. In addition to Bolivia, several other jurisdictions have endorsed the Registry through Central Banks or financial communities, including:
- The Dominican Republic
- Panama
- Costa Rica
Benefits of Swift’s KYC Registry
The adoption of Swift’s KYC Registry by all member banks demonstrates a commitment to preventing financial crime. The Registry provides a standardized set of information about financial institutions required for compliance with anti-money laundering regulations.
Key Features of The KYC Registry:
- A centralized repository of financial institution data
- Standardized set of information for compliance with anti-money laundering regulations
- Banks contribute an agreed ‘baseline’ set of data and documents for validation by Swift
- Contributors can share their validated data with their counterparties
Bolivian Banking Community’s Commitment to Financial Crime Prevention
Bolivia’s banking community sees the adoption of The KYC Registry as a crucial step in mitigating financial crime risks. “The value of The KYC Registry in this market is unrivalled,” said Nelson Villalobos, Deputy of Bolivia’s Bank Association Compliance Commission.
Swift’s Expanding Compliance Services Portfolio
Swift has announced plans to expand its compliance services portfolio, including new services aimed at supporting anti-money laundering and sanctions regulations.