Swift has introduced the “Receiving-Only” user profile exclusively for institutions that do not send any business transactions through FIN or SwiftNet. “Receiving-Only” BICs cannot emit potentially fraudulent transactions and therefore represent less risk to the financial ecosystem. This reduced risk allows Swift to waive the requirement for an Independent Assessment to be CSP compliant. A normal annual CSP attestation remains mandatory.
Advantages of the “Receiving-Only” Profile
Becoming a “Receiving-Only” user offers a more streamlined journey through the CSP program. The self-assessment declaration by your first line of defense becomes a compliant assessment type. This not only saves costs but also simplifies the compliance process.
Steps to Adopt the “Receiving-Only” Profile
To become a “Receiving-Only” user, follow the steps below:
- Configure your entry point to disable any sending of traffic.
- Submit the e-order form to Swift, requesting the activation of the “Receiving-Only” profile. Upon approval, Swift will block the sending of any message or file (excluding RMA and test messages) from your BIC. This change will be reflected in the draft of the KYC-Security Attestation, with notifications sent to your counterparties and supervisors, if applicable.
- Resubmit your attestation to publish the “Receiving-Only” profile and update the compliance flag.
Institutions have the flexibility to declare the “Receiving-Only” profile at any time!
For more details on the process, click here.
For further information, visit swift.com or contact Swift Support for assistance.
If you want our expert guidance for declaring yourself as receiving only, you can contact us!
