Six major banks sign up to Swift's KYC exchange

Project aims at due diligence database

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Luc Meurant, Swift

Swift, the financial messaging services provider, last week announced that it had signed a memorandum of understanding with a key group of banks to jointly develop Swift's know your customer (KYC) registry. The banks that have signed the memorandum are Bank of America Merrill Lynch, Citi, Commerzbank, JP Morgan, Societe Generale and Standard Chartered.

The service, launched by Swift earlier this year, aims to provide a centralised utility for collecting and distributing due diligence information

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