Six banks team up in plan for shared customer data register

J.P. Morgan, Citigroup and four more major banks have signed up with an industry group to develop a central register of information on other banks they deal with to help to meet increasing compliance demands and costs. Swift, a Brussels-based group used by thousands of banks to exchange financial messages, said on Tuesday that six banks had agreed to develop and use the register, which will collect and share standard information required by banks as part of their due diligence processes.
Senior bankers have for some time said there is potential for banks to share information on customers.