Category: Correspondence Banking

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…

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…

De-risking & its Impact: The Caribbean Perspective Prepared by the CARICOM Central Bank Governors Technical Working Group – CCMF Working Group

The Caribbean Project on De-Risking involves the compilation of information to document and analyze the impact of de-risking strategies on Caribbean financial systems, and to prepare a position that will inform a Caribbean perspective on this matter…click here to view pdf…

Derisking in the Caribbean. The Unintended Consequences of International Financial Reform – Central Bank of Barbados Working Paper

This paper analyses the potential causes and consequences on the Caribbean of de-risking strategies adopted by international banks in response to recent changes in bank regulation, reporting requirements and judicial pursuits. These include the initiatives adopted by the Basel Committee, the Financial Action Task Force, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, the US FATCA, and the increasing judicial scrutiny faced by international banks…click here to view pdf…