KYC for Corporates€¦ · •KYC is a “top 3” challenge for all multi-banked corporate treasurers. •Volume of KYC reviews for large corporate groups is significant, time consuming

KYC

for Corporates

Solving an industry-wide

challenge

in the spirit of a true

community

SWIFT

Delphine MASQUELIERKYC Product Manager

Marie-Charlotte HENSEVAL Head of KYC Compliance Services

BNP Paribas CIB

Rebecca DE CUYPERTransformation Management

Corporate Coverage EMEA

ArcelorMittal

Noelle BELMIMOUNTreasury Head of Legal and Compliance

Universwiftnet 2019Paris, 19 mars 2019

Universwiftnet KYC for Corporates - 19 March 2019 - Paris – Please do not share with third parties without SWIFT's prior consent 1


KYC is a major industry issue - both for banks and corporates

Today

Multiple non standardised

requests with each bank

• KYC is a “top 3” challenge

for all multi-banked corporate treasurers.

• Volume of KYC reviews for large corporate groups is

significant, time consuming and costly.

• Non standardised KYC requests are inefficient and impact

negatively on banking partner relationships.

• The KYC burden and cost is growing on both sides with

increasing regulation and need for more transparency.

SWIFT’s KYC Registry is already addressing the bank-to-bank KYC problem

300,000+Requests sent and approved (entity-to-entity)

5,400+Legal entities registered on The KYC Registry

81%Of the traffic generated by these entities

13,000+UsersCentralised platform, for banks to upload and manage

their KYC information in a secure and standardised

way (one global standard), and to share in a controlled

way their KYC information with correspondents

Universwiftnet KYC for Corporates - 19 March 2019 - Paris – Please do not share with third parties without SWIFT's prior consent


Strong demand from the community to extend The KYC Registry to the corporate segment

Leveraging the

existing platform

for banks,

following a standard

for corporate KYC

information

Starting with

SWIFT

connected-

corporates

as a first phase

Built in

partnership with

corporates and

banks

Launch phase 1: Q4 2019

The KYC Registry for Corporates

• Centralized input of information

• Single standard for KYC requirements, agreed

with the community

• Secure and reliable platform

• User provided, user-controlled

• Qualitative data (data validation by SWIFT)

• Audit trail and advanced notifications

• Trusted 3rd party cooperative

• GDPR compliant

Single source to share and collect KYC information, allowing a streamlined KYC process for global Corporates

Benefits: efficiency gains, cost reductions, improved customer experience


KYC for Corporates Working Group Members (design partners)

BANKS CORPORATES

6

34 Members

16 Countries

3 regions

100+ relationships

1 Goal


Do you also want to be part of the journey? Join our Engagement Group!

The Engagement Group is open to all corporates and banks willing to stay

informed about the initiative and show support to the community.

Participate to our information session on Thu 4th April in the SWIFT Paris

Office (2-4pm), to learn more about the offering and discover the benefits to be

part of the Engagement Group.

Ready to join today? Follow with this link and learn about the Terms & Conditions:

https://www.swift.com/webform/kyc-pilot-engagement-group

Or scan the QR code using your phone

To register to the information session:[email protected]

Or drop your business card at the SWIFT stand!

7Universwiftnet KYC for Corporates - 19 March 2019 - Paris – Please do not share with third parties without SWIFT's prior consent

https://www.swift.com/webform/kyc-pilot-engagement-group

8

ArcelorMittal – Universwiftnet

SWIFT KYC Registry and

ArcelorMittal

Noëlle BELMIMOUN – Head of Legal & Compliance


ArcelorMittal Treasury en quelques mots

• Centralise la gestion bancaire de 160 filiales

• 35 groupes bancaires et env. 150 agences

• 350 dossiers KYC en 2018

- KYC est une véritable contrainte

- Fait partie intégrante de l’analyse du choix d’une banque

- Devient un enjeu dans la relation client


Problématiques

• Chronophage

• Absence d’homogénéité des informations et formulaires

• Absence de demandes claires et exhaustives

• Absence d’échange au sein du Groupe Bancaire

• Absence de formulaire simple et intelligible

• Pression de la banque de ne pas entrer en relation - traiter l’opération


Attentes et Bénéfices de la solution KYCR

Contractuelle

• Sécurité des données notamment personnelles

• Responsabilité en cas de défaillance, Swift ? La banque ?

• Propriété des données – Swift dépositaire ?



Expérience utilisateur

• Intelligible et user friendly

• Simple de la capture d’information à sa modification

• Simple dans la gestion des permissions d’accès aux informations par les

banques



Attentes opérationnelles

-> KYCR ne pourra jamais constituer une réponse complète et couvrir 100%

du KYC

• Extension du KYCR à toutes les filiales de Groupe non connectées SWIFT

• Transparence et traçabilité du flux d’information

• Homogénéité des informations

• Simplicité des formulaires

• Rationalisation des communications

• Couverture pays et banques complète

• Evolution de l’outil fonction des règlementations

• Coût réduit Universwiftnet KYC for Corporates - 19 March 2019 - Paris – Please do not share with third parties without SWIFT's prior consent 13

MERCI

Noëlle Belmimoun


I Identification of the customerNames, addresses, legal forms, industry classification, registration information, extract from registers, certification of

incorporation, certificate of change of name, etc.

II Ownership and management structureForm of organisation including listing information, memorandum and articles of association, bearer shares

information, ownership structure with identifying data of shareholding companies (10%) including trusts and

foundations, and Ultimate Beneficial Owners (10%), identifying data and documents of Key Controllers (Board of

Directors, Senior Executive Mgt, Supervisory Board) and related supporting documents, annual report, key

financial data

III Type of business and client baseType of products and services, customer base, geographical presence and operations, type of business with

sanctioned countries

IV ComplianceQuestionnaire related to AML policies and procedures, where applicable

V TaxTIN, FATCA information including GIIN, contact and form, CRS information including contact and self-

certification

Built to address the most

stringent regulatory

requirements, and allows

to further drive

efficiencies by reducing

bilateral exchange in their

KYC process

5 categories of

information

Data fields / documentsMandatory / optional + possibility

to exchange additional non-

standard documents

Input at legal entity level

Self-administration of own

entities

The standard for Corporate KYC information

Universwiftnet KYC for Corporates - 19 March 2019 – Paris – Please do not share to third parties without SWIFT’s prior consent

Documents

KYC for Corporates€¦ · •KYC is a “top 3” challenge for all multi-banked corporate treasurers. •Volume of KYC reviews for large corporate groups is significant, time consuming