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SWIFT KYC Registry

From: Adrian Hope-Bailie <adrian@hopebailie.com>
Date: Tue, 3 Mar 2015 14:10:19 +0200
Message-ID: <CA+eFz_JexFCYTcKgYcrPe=b0_BAsQcv=AkYq4hwGSySiD7-DUA@mail.gmail.com>
To: W3C Credentials Community Group <public-credentials@w3.org>
http://complianceservices.swift.com/kyc-registry

Do we have anyone from SWIFT in either the web payments or credentials
groups that could shed some light on how this will work or if there is
scope for discussion around this registry?

According to the FAQ:
*"The KYC Registry provides a standardised set of KYC/CDD-related data and
documentation. Its initial scope focuses on Correspondent Banking, and
provides information about institutions, not individual or private
customers. This is a natural starting point for SWIFT, giving its
long-standing role in providing secure financial messaging and standards
for correspondent banking transactions."*
*(Emphasis mine)*

I think it is fair to assume that this scope will extend to the exchange of
personal information in time which would make this system very interesting
to members of this group?

It is probably also fair to assume that data about natural persons will not
be under their control and will be stored in data centres across the globe
(per Safe Harbour Policies:
http://www.swift.com/about_swift/legal/data_protection_policies). i.e. You
can't choose who holds your data and where (what government has access to
it) and you can't choose who it is shared with.
Received on Tuesday, 3 March 2015 12:10:47 UTC

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