The Payments Association

MAY 9, 2025

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

DECEMBER 16, 2019

SWIFT is launching its global Know Your Customer (KYC) registry to more corporate groups, SWIFT announced in a press release on Monday (Dec. Bart Claeys, Head of KYC and Reference Data at SWIFT, said its global KYC registry offers “huge benefits to the 5,000 banks and financial institutions which are currently using it.” .

SWIFT 52

SWIFT Due Diligence Correspondent Treasury 52

PYMNTS

JULY 18, 2017

SWIFT is opening up its KYC registry to more banks around the globe. Expanding access to the registry means its members will benefit from more information and collaboration in their correspondent banking and funds distribution networks, SWIFT said. The Registry enables banks and FIs to share and access KYC data and documents.

SWIFT 40

SWIFT Office of the Comptroller of the Currency Due Diligence Correspondent Bank 40

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. October 2024: TD Bank$3 BillionAML TD Bank was fined $3 billion, including a $1.3

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

The Paypers

OCTOBER 17, 2017

(The Paypers) SWIFT has aligned its Know Your Customer (KYC) Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks.

SWIFT 28

SWIFT Due Diligence Correspondent Bank Correspondent 28

The Payments Association

OCTOBER 11, 2024

Tighter oversight of third parties: When firms engage third parties to manage safeguarded funds, stricter due diligence and diversification will be required , reducing third-party failure risks. With many firms facing supervisory interventions due to poor safeguarding, there is a strong sense of urgency.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Finovate

APRIL 9, 2024

Swift is building instant international payments to replace the archaic correspondent banking infrastructure. GovernGPT is an AI-based database that pre-populates due diligence questionnaires with recent and trusted data. Infinity is a banking and payments platform for cross-border businesses in India.

FinTech 52

FinTech Cross-Border Due Diligence AI 52