Category: Correspondence Banking

Correspondent Banking and De-risking Discussed as CARICOM Meets with Chair of US Financial Services Committee

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Chairman of the Caribbean Community (CARICOM) and Prime Minister of Saint Lucia,  Honourable Allen Chastanet, yesterday (Wednesday) attended a meeting in Washington, D.C. hosted by Congresswoman Maxine Waters, Chair of the United States House of Representatives Financial Services Committee.  The purpose of the meeting was a discussion on financial services and specifically correspondent banking that featured senior executives from financial institutions in the U.S.A. doing business in the Caribbean region. Also in attendance were Secretary-General of CARICOM, Ambassador H.E. Irwin…

CARICOM Delegation Discussing De-Risking and Correspondent Banking In US

posted by Category: Anti-Money Laundering, Correspondence Banking, News 0 Comment

BRIDGETOWN, Barbados, CMC – Antigua and Barbuda Prime Minister Gaston Browne is leading a Caribbean Community (CARICOM) delegation to the United States participating in a roundtable discussion on de-risking and correspondent banking. The discussion, which is being hosted by the US House Committee on Financial Services, will include legislators and bankers. Caribbean countries have been arguing that the threat by banks in developed countries to withdraw correspondent banking services would exclude the region from the global finance and trading system…

Caribbean Bankers Trained in AML and Correspondent Banking

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Sint Maarten, October 29th, 2019 : 19 participants from nine Caribbean jurisdictions took part in a certified one-day training programme designed to improve their understanding of risk and compliance on Tuesday, 29 October 2019, in Philipsburg, Sint Maarten. The registrants, including chief executive officers, chief financial officers, compliance heads, and senior executives, were enrolled in the Anti-Money Laundering for Correspondent Banking – Certificate Programme, enabled by the Florida International Bankers Association (FIBA), in partnership with the Caribbean Association of Banks (CAB)…

Saint Lucia’s Prime Minister and Chairman of CARICOM leads Discussion on Correspondent Banking at the Washington Times

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Prime Minister of Saint Lucia and Chairman of the Caribbean Community (CARICOM), Honourable Allen Chastanet, was the featured speaker at The Washington Times on Wednesday, October 16, 2019. The Washington Times is a daily newspaper published in Washington, D.C., U.S.A., reaching an average of 35 million viewers a week. Prime Minister Chastanet led the discussion off by focusing on issues relating to the withdrawal of correspondent banking relations in the region, and the economic and security implications this has on…

CAB Enjoys Fruitful Visit to Suriname

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Saint Lucia, September 12th, 2019: The Caribbean Association of Banks (CAB) Inc. visited a number of its stakeholders in Paramaribo, capital of the South American territory of Suriname, on 5-6 September 2019. The three-member CAB delegation comprised of Chairperson, Mr. Dalton Lee; Immediate Past Chairperson, Ms. Joanna Charles; and CEO, Ms. Wendy Delmar. During their two-day visit, the CAB team met with high-level representatives of the Central Bank of Suriname, VCB Bank, Coöperatieve Spaar – en Kredietbank Godo G.A., Suricharge Bank…

The Caribbean Association of Banks Supports CARICOM in Regional Integration Efforts

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Thursday September 6th, 2018: The Caribbean Association of Banks (CAB) commends the Council for Finance and Planning (COFAP) for reaffirming the commitment towards the Caribbean Single Market and Economy and its significance for the regional financial sector, at the 6th Special Meeting of the Council on 4th September 2018 in Barbados. The CAB views the resolution taken at this meeting as a step in the right direction to re-energize the regional integration commitment. The CAB is pleased to note that…

World Bank Report – CB Withdrawal

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ES.1. Correspondent banking services are essential to enabling companies and individuals to transact internationally and make cross-border payments. Recently there have been indications that certain large international banks have started terminating or severely limiting their correspondent banking relationships with smaller local and regional banks from jurisdictions around the world. To find out whether this is indeed happening, the World Bank, with support from the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI), surveyed banking authorities…

World Bank De-Risking Survey

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At the request of the G20 and the Financial Stability Board (FSB), and with the support of the Committee on Payments and Market Infrastructures (CPMI), the World Bank Group has led fact-finding work on de-risking – the phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk….click here to view pdf…

Global Anti-Money Laundering Survey Results 2016

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Dow Jones Risk and Compliance, in conjunction with the Association of Certified Anti-Money Laundering Specialists (ACAMS), surveyed 812 respondents around the world to assess the current regulatory environment, deepen understanding of client-screening processes, content and systems explore emerging issues…click here to view pdf…