Russia’s National Settlement Depository, part of the Moscow Exchange Group or Moskovskaya Birzha OAO (MCX:MOEX), today announced that it had begun using SWIFT’s KYC Registry.
The KYC Registry was developed by SWIFT, whose Board of Directors recently got its first Russian representative – NSD’s Eddie Astanin.
Today’s announcement means that the Russian central securities depository will be able to substantially improve the procedures for checking its counterparties. Currently, it contains information about organizations from 138 countries. The KYC Registry enables NSD (and its other users) to gain information required to establish new correspondent relations and to monitor existing ones, as well as to exchange data with correspondent banks in a safe and secure way.
In 2014, members of a working group representing global market participants adopted an information standard for data collection in the KYC Registry system and also approved its implementation. All KYC Registry participants keep ownership rights to their information and fully control the level of other financial institutions’ access to it.
To view the official press release by NSD, click here.