Belgium-based SWIFT has introduced a news service integrated into its KYC Registry, a repository that maintains a standardised set of information about financial institutions required for KYC compliance.
The new service, KYC Adverse Media, links globally-reported negative news stories and regulators’ notes to the relevant legal entity in the Registry, which enables a comprehensive review for all CDD and correspondent relationship management needs.
Following the launch, SWIFT in collaboration with Dow Jones will offer Dow Jones Risk & Compliance data to over 2,500 correspondent banks and funds players that are already using The KYC Registry.
The firm said that the new service will provide Registry users with access to ‘negative news’ coverage from over 32,000 news publications globally and regulatory notifications.
SWIFT head of KYC compliance services Bart Claeys said: "KYC compliance is increasingly complex, with many banks being expected to review negative news and regulatory notices as part of their customer due diligence processes.
"SWIFT is pleased to partner with Dow Jones to provide every KYC Registry user with unlimited access to high-quality, up-to-date news and regulatory content.
"The addition of KYC Adverse Media is the next step in our strategic roadmap to deliver cost-effective, community inspired financial crime compliance services that help our members optimise the effectiveness and efficiency of their compliance programmes."
Dow Jones’ Adverse Media data includes information covering firms from across the world that have received negative news coverage for regulatory, competitive, financial, production, environmental, and social or labour related issues.