Know Your Customers

News & Analysis as of

SWIFT Announces Development Of New KYC Compliance Registry

On March 4, SWIFT, the bank member-owned cooperative based in Belgium, announced that it signed a Memorandum of Understanding with six of its major member banks to develop a central utility for the collection and distribution...more

"'Know Your Customer': OFAC Raises Due Diligence Expectations of Non-US Banks"

Since 2005, a series of very large non-U.S. banks — including ABN AMRO, Credit Suisse and ING — have paid significant penalties to U.S. authorities for processing funds transfers through the United States related to business...more

What You Need to Know About the STOCK Act

Beginning today, members and senior staff1 of the U.S. House of Representatives and U.S. Senate are required to disclose certain financial transactions no later than 45 days after the transaction has occurred. This new...more

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