SWIFT in KYC improvement move

SWIFT has announced the launch of KYC Adverse Media, a news service integrated into its KYC Registry, the centralised repository that maintains a standardised set of information about financial institutions required for KYC compliance.

SWIFT will now make high-quality Dow Jones Risk & Compliance data available to the more than 2,500 correspondent banks and funds players that are already using The KYC Registry as part of their know your customer compliance programmes.

SWIFT goes on to say that financial institutions are increasingly being expected by regulators to use ‘negative news’ coverage as part of a risk-based approach to customer due diligence for financial crime compliance. The KYC Adverse Media service provides Registry users with access to this type of curated content from more than 32,000 news publications worldwide, as well as regulatory notifications.

The new service complements banks’ self-reported, SWIFT-verified KYC data and documents with high-quality news content dating back to 2012, it adds. Articles are linked directly to the relevant legal entities in the KYC Registry, enabling users to view at a glance what news coverage, if any, is available for each Registry member.

Bart Claeys, head of KYC Compliance Services, SWIFT, says: “KYC compliance is increasingly complex, with many banks being expected to review negative news and regulatory notices as part of their customer due diligence processes. SWIFT is pleased to partner with Dow Jones to provide every KYC Registry user with unlimited access to high-quality, up-to-date news and regulatory content. The addition of KYC Adverse Media is the next step in our strategic roadmap to deliver cost-effective, community inspired financial crime compliance services that help our members optimise the effectiveness and efficiency of their compliance programmes.”

Dow Jones’ Adverse Media data includes information covering companies from every country in the world that have received negative news coverage for regulatory, competitive, financial, production, environmental, and social or labour related issues. Researchers enrich listings with additional detail, such as names in the native language script and corporate identifiers, as well as cross-references to people associated with such companies, to ensure that data is as accurate and complete as possible.