The Caribbean Development Bank (CDB) has approved funding of US$250,000 to boost regional compliance in an effort to address the loss of correspondent banking relationships in the Region. The project will initially include The Bahamas, Barbados, Belize, Jamaica and the OECS and will focus on three main points:

1. Strengthen the regional AML/CFT framework on the country level by updating laws and regulation.
2. Increase the technical capacity of financial institutions to promote operating at international AML/CTF standards.
3. Improve Public-Private sector coordination with regulators to facilitate ongoing collaboration.

The Caribbean Association of Banks(CAB) will also be  a project partner and will have representation on the project steering committee which will act as a source of guidance for the project.

Link: http://www.caribbeannewsnow.com/headline-CDB-funds-project-to-prevent-loss-of-correspondent-banking-relationships-33837.html