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
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
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
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…
Derisking or Managing Risk
A global trend where financial institutions are terminating or restricting business relationships with categories of customers that are deemed high risk…click here to view pdf…
World Bank Report – CB Withdrawal
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
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
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…
IMF – The Withdrawal of CB Relationships – A Case for Policy Action
Correspondent banking relationships (CBRs), which enable the provision of domestic and cross-border payments, have been terminated in some jurisdictions following the global financial crisis…click here to view pdf…
World Bank Stakeholder Dialogue on De-Risking Report for 2016
On May 31 and June 1, 2016, the World Bank and ACAMS (Association of Certified Anti-Money Laundering Specialists) organized a two-day workshop in Washington D.C., the “Stakeholder Dialogue on De-Risking.” The capacity audience of nearly 100 invitees came from around the world and represented governments (including policy, regulatory and law enforcement authorities), non-governmental organizations (humanitarian organizations and think tanks), international organizations, financial institutions, and academic specialists…click here to view pdf…