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BAFT and Collaborate to Extend Due Diligence Repository

Originally appeared in MiFID Monitor and the Bankers’ Association for Finance and Trade (BAFT) have agreed to collaborate on promoting and extending the coverage of the reference data vendor’s Due Diligence Repository, which was launched in 2004. The repository has been set up by as an industry utility and BAFT will be engaged in encouraging its member banks to submit their compliance documents and subscribe to the repository as a source of data for compliance.

Charles Silverman, president, board of directors at BAFT, explains: “The development of’s Due Diligence Repository as an industry tool offers considerable efficiency gains, both across the sector and within individual institutions. As a global industry association, BAFT recognises the value of such a service.”

The Due Diligence Repository was launched in association with the Wolfsberg Group and provides the primary information required to conduct due diligence checks on bank counterparties, says the vendor. Currently, it contains more than 64,500 documents against 16,800 financial institutions, comprising licences, corporate governance documents, anti-money laundering policies, USA Patriot Act/Foreign Bank Certification and the Wolfsberg Group Anti-Money Laundering Questionnaire.

With a view to encouraging wider industry adoption, BAFT formed an advisory group from its member banks who attended a workshop hosted by earlier this year to review the existing Due Diligence Repository together with proposed feature and methodology enhancements.

Kerry Hewson, director of, comments: “Our objective has always been to establish the Due Diligence Repository as the global de facto industry standard, providing consistency and conformity in due diligence document checks and reducing the administrative burden that banks face when conducting know your customer (KYC) assessments on their counterparties. The support of associations such as BAFT and the Wolfsberg Group is of major importance to us in developing the repository to meet industry needs and our collaboration with both associations will bring further value to the sector.”

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