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Dominican Republic implements controls against money laundering

Swift has announced that the Dominican Republic is the first country to implement the Know Your Customer (KYC) Registry as a financial community with nearly all of the Swift member banks in the country now registered with KYC.

According to Fabiola Herrera, Director of Payments and Systems at the Dominican Central Bank, by using the Swift central KYC utility as a whole community, banks in the Dominican Republic will raise their levels of compliance with applicable anti-money laundering standards.

Swift announced recently that its KYC Registry now has entities from across 109 countries, facilitating compliance with a growing number of correspondent relationships worldwide.

Banks contribute an agreed “baseline” set of data and documentation for validation by Swift, which the contributors can then share with their banking counterparts. Each bank keeps ownership of its own information, as well as control over which other institutions can view it.

Source: Dr1, fx-mm

May 6, 2015

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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