Caribbean Association of Banks attends FSB Remittances Workshop

Saint Lucia, Tuesday March 12 th , 2018 : The Financial Stability Board (FSB), in collaboration with Standard Chartered Bank, hosted a Remittances Workshop in London, England, on March 11th, 2019. The subject matter of the one-day workshop was “Remittance service providers’ access to banking services.” The Caribbean Association of Banks (CAB) Inc. was represented at this meeting by Board member and immediate past chair, Joanna Charles. Ms. Charles is the General Manager of the Antigua Commercial Bank. 

Ms. Charles sat with fellow participants, financial sector supervisors, banks and remittance providers from the private and public sector in the Americas and Europe, including representatives of Citigroup, Credit Suisse, the Institute of International Finance, the International Association of Money Transfer Networks, KlickEx Corporation Ltd., MoneyGram, Santander UK, The Wolfsberg Group, Wells Fargo, HSBC, and Western Union, among others.

Among the topics covered were understanding the challenges remittance providers face in accessing banking services: possible solutions and alternatives; strengthening Anti-Money Laundering / Countering Financing of Terrorism practices in the remittance sector; efforts by banks to enable the provision of banking services to the remittance sector; and oversight and supervision of the remittance sector.

The FSB is an international body that monitors and makes recommendations about the global financial system. The FSB promotes international financial stability, by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. 

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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