SWIFT has recently launched a new initiative aimed at detecting whether users of the SWIFT network are compliant with basic security controls. On paper, this looks like a sound initiative but is it a good idea in practice? François Masquelier looks at how this will affect corporates.
Despite the many challenges, treasurers should remember that the stringent requirements may have a silver lining. Regulatory compliance may provide the opportunity for companies to become more transparent and make their internal processes more effective and efficient.
The SWIFT KYC Registry for corporates is a new central repository for standardised KYC information that will address current inefficiencies. It provides a secure self-service repository, simplifying the way that multi-banked corporates exchange and maintain their KYC due diligence details with their banks.