KYC Registry aligns with Wolfsberg DDQ
Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.
Users of the KYC Registry, which is a global know your customer utility used by more than 4200 correspondent banks and fund industry organisations in over 200 countries, can now answer every Wolfsberg DDQ question directly on the KYC Registry platform. Swift said this would increase the transparency of and further streamline due diligence processes.
The KYC Registry membership criteria was recently expanded to include all supervised financial institutions, even if they are not connected to Swift. This, said Swift, would facilitate even wider efficiency and effectiveness of due diligence processes.
Registry members upload their KYC data and documents for validation by Swift and exchange this information with their counterparties for use in onboarding and ongoing correspondent banking customer due diligence.
“Aligning the KYC Registry’s content with the DDQ will enable Registry users to focus on risk assessment and analysis, rather than repetitive data collection,” said Bart Claeys, head of KYC compliance services, Swift.
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