Turkmenistan (orange) and Uzbekistan © Wikipedia

Turkmenistan (orange) and Uzbekistan © Wikipedia

A number of banks in Turkmenistan and Uzbekistan have signed up to use Swift’s Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks, funds distributors and custodians required for due diligence processes.

In both deals, Swift worked with its business partner in the Central Asia region, Alliance Factors, to support and on-board customers.

The banks who signed up are:

  • In Turkmenistan: Halkbank, Bank Senagat, State Bank for Foreign Economic Affairs of Turkmenistan, Presidentbank, Bank Garagum, Bank Turkmenbashi, Bank Turkmenistan, Turkmen Turkish Bank, National Bank of Pakistan;
  • In Uzbekistan: Agrobank, Bank Asaka, Asia Alliance Bank, Infinbank, Aloqabank, Hamkorbank, Bank Ipak Yuli, National Bank for Foreign Economic Activity of the Rep. Uzbekistan, Davr Bank, Qishloq Qurilish Bank, Xalq Bank of the Republic of Uzbekistan, Trustbank, Uzbek Industrial and Construction Bank.

The banks in both countries join 3,500 correspondent banks and funds players in over 200 countries and territories using the utility to standardise KYC management, and demonstrate compliance with anti-money laundering (AML) and counter terrorist financing (CTF) requirements. More than 20 central banks have also signed up for the service.

The KYC Registry was launched in December 2014 as part of Swift’s financial crime compliance services portfolio.