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NEWS

Swift signs Turkmenistan and Uzbekistan communities to KYC Registry

www.finextra.com/pressarticle
21 February 2017

SWIFT announces today that the financial community in Turkmenistan has signed up to use its 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 addition, SWIFT announces that 13 banks in Uzbekistan have also signed up to use The KYC Registry.

In both community deals, SWIFT has worked closely with its Business Partner in the region, Alliance Factors, to support and on-board customers.

"It has never been more critical for communities to work together to combat financial crime and we fully understand the requirements of this region. Know Your Customer due diligence is of the highest importance in an increasingly complex environment marked by financial crime; The KYC Registry helps the community to meet their requirements seamlessly," says Vera Yablochkova, SWIFT Sales Team leader, Alliance Factors. "SWIFT's utility approach helps them to save on costs and manpower, while providing the peace of mind that they are meeting our regulatory obligations. This is crucial in today's environment."

The communities in both countries join the 3,500 correspondent banks and funds players in over 200 countries and territories that are using the industry-owned compliance utility to standardise KYC management, increase effectiveness and efficiency, 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. This broad cross-section of the industry accounts for two-thirds of SWIFT message traffic.

The banks who have signed up to The KYC Registry 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.