Closing the Loop: AML/CFT Supervision of Correspondent Banking

ISBN-10
9292594168
ISBN-13
9789292594169
Language
English
Published
2020
Authors
Jonathan Fishman, Rodrigo Lara Pinto Coelho, Amer Hassan

Description

Under the auspice of the Financial Stability Board's four point action plan, several international organisations have taken measures to address the decline in correspondent banking relationships, including further examining the dimensions of the decline and implications for financial inclusion and financial stability; clarifying regulatory expectations; supporting domestic capacity-building in jurisdictions that are home to affected respondent banks; and strengthening tools for due diligence by correspondent banks. Effective supervision is also crucial to successfully addressing some of the concerns which may lead to loss of relationships. This paper aims to contribute to the international dialogue by focusing on supervisory practices relating to correspondent banking activities. In view of the observed decline in correspondent banking relationships, practices to address excessive de-risking were a particular area of consideration. As a general matter, while the study found that legal and regulatory frameworks are consistent with international standards, their implementation is more variable and would benefit from greater alignment with the standards and convergence across jurisdictions.

Get the book

Amazon.com
Amazon.com
Search the book
eBay.com
eBay.com
Search the book

Other editions

Similar books

  • Virtual Currencies and Beyond: Initial Considerations
    Virtual Currencies and Beyond: Initial Considerations
    By Ms.Hiroko Oura, Mr.Vikram Haksar, Mr.Dong He

    New technologies are driving transformational changes in the global financial system.

  • Making Remittances Work: Balancing Financial Integrity and Inclusion
    Making Remittances Work: Balancing Financial Integrity and Inclusion
    By Emiko Todoroki, Wameek Noor, Kuntay Celik

    Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial.

  • The Bali Fintech Agenda
    The Bali Fintech Agenda
    By World Bank, International Monetary Fund, Policy

    financial innovation in line with the AML/CFT standard. ... It also discusses a number of alternatives emerging to the established correspondent banking model including interconnecting domestic payment infrastructures; expansion of ...

  • Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability
    Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability
    By European Investment Bank

    In its fourth edition, this report focuses on recent developments in Africa's banking sectors and the policy options for all stakeholders.

  • IMF Staff papers: Volume 35 No. 1
    IMF Staff papers: Volume 35 No. 1
    By International Monetary Fund. Research Dept.

    A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt ...

  • Systemic Banking Crises Revisited
    Systemic Banking Crises Revisited
    By Mr.Fabian Valencia, Mr.Luc Laeven

    This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013).

  • Identity and Privacy Governance
    Identity and Privacy Governance
    By Andrej Zwitter, Oskar Josef Gstrein

    On the meta-level, it becomes clear that the practice of digital identity management and the theoretical conceptions of uniqueness, relationality and legal determinacy remain relatively disconnected. The concept of legal determinacy is ...

  • Full Dollarization: The Pros and Cons
    Full Dollarization: The Pros and Cons
    By Mr.Eduardo Borensztein, Mr.Andrew Berg

    Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country’s currency.

  • Blockchain, Fintech, and Islamic Finance: Building the Future in the New Islamic Digital Economy
    Blockchain, Fintech, and Islamic Finance: Building the Future in the New Islamic Digital Economy
    By Hazik Mohamed, Hassnian Ali

    This forward-looking book discusses the crucial innovation, structural and institutional development for financial technologies (fintech) in Islamic finance.

  • Globalisation and Deglobalisation

    Against this backdrop, this volume takes stock of the EME experience with two facets of globalisation-trade and migration. It summarises different country experiences with regard to the aggregate as well as distributional consequences.