The Panama Banking Association (PBA) has announced its support for SWIFT’s Know Your Customer (KYC) Registry.

The PBA has a membership of 71 domestic and international banks, which are now backing SWIFT’s centralised repository that maintains a standardised set of information on correspondent banks’ requirements for KYC compliance.

Mario de Diego, executive vice-president at the PBA, said: “The endorsement of SWIFT’s Know Your Customer Registry by the Panama Banking Association is a clear illustration of the association’s steadfast commitment to collaborate with the international community to prevent financial crime and to attain financial inclusion. The PBA looks forward to effectively having all its member banks on the KYC Registry.”

Ricardo Fernandez, superintendent of Banks of Panama, added: “By adopting SWIFT’s KYC Registry, Panama’s financial community furthers its commitment to enhance transparency amongst corresponding banks, a critical aspect of the country’s economic development. Public-private partnerships are instrumental in supporting a country’s regulatory framework and its compliance with international standards.”

Banks participating in the KYC Registry contribute an agreed ‘baseline' set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it. There are currently more than 1,570 financial institutions in 179 countries using the facility.

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