SWIFT welcomes Turkmenistan, Uzbekistan to KYC

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 says that 13 banks in Uzbekistan have also signed up to use the registry.

In both community deals, SWIFT says it has worked closely with its business partner in the region, Alliance Factors, to support and onboard customers.

Says Vera Yablochkova, SWIFT sales team leader, Alliance Factors: “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. 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.”