Financial Crime World

Uzbekistan Banks Embrace Knock Your Customer Requirements with Swift’s KYC Registry

Swift, the global financial messaging provider, has announced that 13 banks in Uzbekistan have signed up to use its Know Your Customer (KYC) Registry, a centralized repository of standardized information about correspondent banks, funds distributors and custodians required for due diligence processes. This marks another significant step towards combating financial crime in the region.

What is Swift’s KYC Registry?

Swift’s KYC Registry is an industry-owned compliance utility that helps financial institutions standardize their KYC management, increase efficiency, and demonstrate compliance with Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) requirements. With its robust and secure online data exchange solution, Swift’s KYC Registry offers efficient and cost-effective management of KYC compliance processes.

Benefits of Swift’s KYC Registry

  • Standardized information about correspondent banks, funds distributors, and custodians
  • Increased efficiency in due diligence processes
  • Compliance with AML and CTF requirements
  • Cost-effective solution for KYC compliance

Quotes from Swift Officials

“We are enriching our compliance portfolio to give our community the right tools as the country deals with KYC Registry and Sanctions Screening demonstrate,” said Pavel Prokudin, Account Director with Responsibility for Central Asia, Swift. “As regulatory pressure increases, we continue to look for ways to better support our community as they look for the best and most cost-effective way to meet their compliance obligations.”

“We know that counterparty due diligence can be time- and labor-intensive, so we’re constantly working with our community to build efficient, cost-effective solutions for their compliance needs,” said Bart Claeys, Head of KYC Compliance Services, Swift. “The adoption of our KYC Registry and Sanctions Screening solution by Uzbekistan’s banking community is a testament to the industry’s support for standardization and collaboration in combating financial crime.”

Additional Solutions from Swift

  • The Swift Traffic Profile: A fact-based analysis of Swift message traffic that provides Know Your Customer insights into counterparty relationships
  • The KYC Adverse Media service: Allows member institutions to access a global database of news articles and regulatory notices about their counterparties and correspondents
  • Swift’s Sanctions Screening solution: Screens financial transactions in real-time against more than 30 up-to-date lists of sanctioned individuals and entities from major regulatory bodies, including OFAC, the United Nations, and the European Union

Conclusion

The addition of Uzbekistan’s banking community to the KYC Registry marks a significant milestone in Swift’s efforts to promote standardization and collaboration in combating financial crime. With over 3,500 correspondent banks and funds players in more than 200 countries and territories already using the utility, Swift is committed to providing its customers with efficient and cost-effective solutions for their compliance needs.

For more information about Swift’s KYC Registry and other compliance services, visit www.swift.com/kycregistry or contact Cognito at cognitoswift@cognitomedia.com.