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Re: SWIFT KYC Registry

From: Anders Rundgren <anders.rundgren.net@gmail.com>
Date: Tue, 03 Mar 2015 14:35:37 +0100
Message-ID: <54F5B8A9.2040106@gmail.com>
To: Adrian Hope-Bailie <adrian@hopebailie.com>, W3C Credentials Community Group <public-credentials@w3.org>
On 2015-03-03 13:10, Adrian Hope-Bailie wrote:
> 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.

Personally I don't understand this.  The banks I have interacted with did their own KYC and only the tax authorities have any access to their customers.
The only motive for changing this is the fact that it takes some effort changing bank which is a consumer-related problem.  Telecoms have been forced to do this in the EU for changing operator without changing phone numbers but extending this to banks seems like a much more difficult target.  I would go as far as saying, it won't happen.  It would be like BYOA (Bring Your Own Account) :-)

Anders
Received on Tuesday, 3 March 2015 13:36:17 UTC

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