Correspondent Banking

Correspondent Banking

See 'Information Section' below for latest World Bank Stakeholder Dialogue on De-Risking Report for 2016 ↓

CAB Reports

Correspondent Banking Survey Summary Report – October 2016


CAB Activities

CAB attends Global Conference on Correspondent Banking, De-Risking & the Labelling of the Caribbean as a Tax Haven in Antigua, October 2016

View the CAB Presentation delivered by the Chairperson, Ms. Joanna Charles, at the conference “The Myth of the Caribbean as a Tax Haven”

See the CARICOM report on the conference here….

CEO Forum 2016

The Caribbean Association of Banks Inc. (CAB) seeks to address the significant issue of the loss of Correspondent Banking relationships currently threatening the regions’ financial services sector...read more


CAB Members Forum(CEOs, MDs, GMs, RMs) on the issue of De-risking.

- Saturday April 16th, 2016

- FIBA Training Centre
  80 SW 8th Street, Suite 2170
  Brickell, Miami
  FL 33130.

View full AGENDA

Presentations

  1. Alternative Payment Methods – IBIS Management Associates Inc.
  2. Block Chain Technology – Bitt.com
  3. Crown Agents

CAB Attends CARICOM Meeting of the Committee of Ministers of Finance on Correspondent Banking 15th February 2016, Placencia, Belize:

CAB Actions Regarding the Correspondent Banking Issue

  • CAB representatives attended the FIBA AML Conference in Miami, primarily to discuss this issue with key stakeholders.
  • CAB wrote to the CARICOM Chair and Secretary General, on 17th February 2015, highlighting the issues and serious impact on the region and requested that the issue be raised at the highest level in the USA...learn more

Information

U.S. Department of Justice (Criminal Division, Fraud Section) – Guidance on the Evaluation of Corporate Compliance Programs

The Principles of Federal Prosecution of Business Organizations in the United States Attorney’s Manual describe specific factors that prosecutors should consider in conducting an investigation of a corporate entity, determining whether to bring charges, and negotiating plea or other agreements. These factors, commonly known as the “Filip Factors,” include “the existence and effectiveness of the corporation’s pre-existing compliance program” and the corporation’s remedial efforts “to implement an effective corporate compliance program or to improve an existing one...click here to view pdf

International Narcotics Control Strategy Report - Volume 2

International Narcotics Control Strategy Report - Volume 2: Money Laundering and Financial Crimes.  March 2017

International Narcotics Control Strategy Report - Volume 1

International Narcotics Control Strategy Report - Volume 1: Drug and Chemical Control.  March 2017

Supporting Financial Access for Humanitarian Organizations and Charities - World Bank & ACAMS Roundtable

On 11 January, 2017, the World Bank and the Association of Certified Anti-Money Laundering Specialists (ACAMS) organized a second roundtable meeting, as part of the ongoing Stakeholder Dialogue on De-Risking in an effort to address financial exclusion. The objective of the meeting was to promote access of humanitarian organizations to financial services and to discuss practical measures to:

  • Foster the relationship between non-profit organizations (NPOs) and financial institutions;
  • Improve the regulatory and policy climate for financial access for NPOs; and
  • Build coalitions and create opportunities for sharing information and good due diligence practices….click here to view pdf

EU - US Trade and Investment Relations: Effects on Tax Evasion, Money Laundering and Tax Transparency. An Assessment from the European Parliament

The United States of America (USA) is seen as an emerging leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, it provides an array of secrecy and tax-free facilities for non-residents at federal and state levels, notably in Nevada, Delaware, Wyoming, and South Dakota. This Ex-Post Impact Assessment shows that...click here to view pdf

European Central Bank’s Tenth Survey on Correspondent Banking in euro (2016) – February 2017

Correspondent banking relationships have continued to play an important role in the euro payments market following the implementation of the Single Euro Payments Area (SEPA), which has improved the efficiency of cross-border payments in euro and reduced market fragmentation...click here to view pdf

FSB Publishes Progress Report

FSB Publishes Progress Report and 2017 Work Plan for Correspondent Banking

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

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

FATF AML Guidance on Correspondent Banking Services

This Guidance should be read in conjunction with the FATF Recommendations, especially Recommendations 1, 6, 7, 10, 11, 13, 14, 16, 20 and 26, their Interpretive Notes and the Glossary...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

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

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

  1. assess the current regulatory environment,
  2. deepen understanding of client-screening processes, content and systems
  3. explore emerging issues...click here to view pdf

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

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 and banks worldwide to examine the extent of withdrawal from correspondent banking, its drivers, and its implications for financial exclusion/inclusion. In total, 110 banking authorities, 20 large banks, and 170 smaller local and regional banks participated in this exercise...click here to view pdf

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