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Converse Bank joins The KYC Registry


Converse Bank has joined The KYC Registry, an international database created by SWIFT. The KYC Registry ensures secure data exchange between correspondent banks required in the framework of "Know Your Customer" compliance practices, as well as assessment and monitoring of relevant due diligence information.

The KYC Registry is a centralized repository that maintains and stores a standardized set of information about correspondent banks required for KYC compliance. The data contributed by the banks is validated by SWIFT and then uploaded into the system. Banks are not charged for data storage and sharing of information with counterparties. Furthermore, each bank retains full control over who can access their own information.

According to Innesa Amirbekyan, Head of International Relations and Trade Finance of Converse Bank: "The Bank will benefit from the membership to The KYC Registry in numerous ways. First of all, standardized and qualified data contribution prevents us from repeated and costly provision of respective information to correspondent banks. On the other hand, it becomes possible to collect and update anytime the information about correspondent banks required under the RA laws and Bank’s internal acts. And, what is most important, being The KYC Registry member, Converse Bank positions itself as a more transparent, trustworthy and reliable business partner in its relations with existing and potential correspondent banks."

"The KYC Registry helps banks demonstrate transparency and compliance with Know Your Customer requirements," says Bart Claeys, Head of KYC Compliance Services, SWIFT. "Adding Converse Bank to our growing list of members demonstrates the value The KYC Registry is bringing to the correspondent banking community, and we are very pleased to welcome its participation in the Registry."

The KYC Registry was developed in collaboration with major banks worldwide to better support compliance with KYC requirements in the field of correspondent banking and is under SWIFT’s permanent control, thus ensuring transparency and relevance of the information. In the light of global growing trend of correspondent relationships and the importance of due diligence in the field, over 2500 financial institutions in more than 200 countries and territories have already joined The KYC Registry.

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