KYC/AML initiatives for the long-term compliance of trade

摘要

In October, Trade Finance learned that the Asian Development Bank (ADB) was supporting the Society for Worldwide Interbank Financial Telecommunication's (Swift) compliance repository, which is due to go live by the end of 2014. The initiative, if successful, will see more multilateral development banks (MDBs) encouraging their participating banks to submit information pertaining to anti-money laundering (AML) and know your customer (KYC) issues into the Swift repository. The ADB has grown increasingly concerned that overlapping KYC/AML requirements may prompt global banks to terminate trade relationships with small regional players. It believed cooperation could mitigate the problem and opted to support Swift.