About the Initiative
Correspondent banking relations (CBRs) facilitate access to financial services across jurisdictions, including cross border payments connected to remittances, trade financing and other economic activities. Well-functioning CBRs also promote financial inclusion. In recent years, there has been a growing trend towards a reduction in CBRs in many countries, creating a problem known as “de-risking.”
This phenomenon has been particularly acute in the Caribbean. In light of the above, the Association of Supervisors of Banks of the Americas (ASBA) signed an Agreement of Non- Refundable Technical Cooperation ATN/ME-15948-RG, to implement the project denominated “Strengthening Financial Transparency: Rebuilding Trust in Correspondent Banking in the Caribbean.” The objective of this project is to increase the level of financial transparency in Caribbean countries, to help prevent and mitigate the risk of loss of CBRs.
The Caribbean Financial Transparency website, part of the above-mentioned project, was developed aiming to provide the Caribbean region with a unique site to disseminate knowledge, raise public awareness, facilitate training activities and establish an advocacy initiative about de-risking. The success of this effort lies on the continuous content contribution from the interested parties of the Caribbean.
This is a joint effort between ASBA and the Central Bank of Bahamas, with the support of the IDB-Lab and the Caribbean Development Bank.
Latest News and Events
Inaugural Global Research Conference on Empirical Approaches to Anti-Money Laundering (AML) & Financial Crime
The Association of Supervisors of Banks of the Americas and the Central Bank of The Bahamas, with the support of the Inter-American Development Bank Lab and the...More information
ASBA Conference: Efforts in Reducing the Negative Impact of Loss of Correspondent Banking Relationships in The Caribbean: The Supervisors and Financial Institutions Role
With the support of specialized instructors in banking supervision and AML / CFT issues, the first edition of the training "Efforts in Reducing the Negative Impact of...More information
Stocktaking exercise on ‘De-risking’ in the Caribbean region – Second Phase
Background The XLVII CFATF Plenary, in May 2018, gave approval for a stocktaking exercise on ‘De-risking’ in the Caribbean region to be conducted. The outstanding factors to address this exercise […]
Risk-Based Customer Due Diligence: Regulatory Approaches
Regulators face a challenge in balancing policies on anti-money laundering and combating the financing of terrorism against placing the least burden on outreach to the poor and unbanked. This Technical […]
FSI Insights on Policy Implementation No 18. Suptech Applications for Anti-money Laundering
Use by financial authorities of advanced data collection and analytics tools enabled by new technologies is collectively called suptech. In the area of data analytics, the development of such tools […]
The EU AML/CFT List of High-Risk Third Jurisdictions: Implications and Options for The Bahamas
This Policy Brief argues that inclusion on any future adopted European Union (EU) AML/CFT list of high-risk third jurisdictions would be problematic for The Bahamas for three main reasons. First, […]
Trade Finance and the Compliance Challenge: A Showcase of International Cooperation
In 2017, an IFC report1 pinpointed the reductions in the network of correspondent banks in emerging markets. In emerging markets, correspondent banking stress and compliance challenges drove some respondent banks […]
Beyond KYC Utilities: Collaborative Customer Due Diligence for Financial Inclusion
Private Companies and the Public Sector, separately and together, are increasingly leveraging new collaborative approaches to help financial services providers (FSPs) meet international customer due diligence (CDD) requirements. To overcome […]