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  • Withdrawal from Correspondent Banking : Where, Why, and What to do About It.

    Withdrawal from Correspondent Banking : Where, Why, and What to do About It.

    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 […]

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  • Guidance for a Risk-based Approach – The Banking Sector

    Guidance for a Risk-based Approach – The Banking Sector

    The risk-based approach (RBA) is central to the effective implementation of the revised FATF International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation, which were adopted […]

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  • Best Financial Regulatory and Supervisory Practices on AML / CFT

    Best Financial Regulatory and Supervisory Practices on AML / CFT

    The purpose of this paper is to provide a practical guide for banking supervisors in the Americas, which can be applied in the supervisory process of financial institutions when assessing […]

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  • Methodology – For Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems

    Methodology – For Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems

    This document provides the basis for undertaking assessments of technical compliance with the revised FATF Recommendations, adopted in February 2012, and for reviewing the level of effectiveness of a country’s […]

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  • Regulation of Beneficial Ownership in Latin America and the Caribbean

    Regulation of Beneficial Ownership in Latin America and the Caribbean

    The international community is increasingly aware that adopting laws, regulations, and mechanisms to gather and exchange information about “beneficial owners” (BOs) is crucial for combating tax evasion, money laundering, corruption, […]

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  • FATF Guidance – Correspondent Banking Services

    FATF Guidance – 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.

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  • The FATF Recommendations – International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation.

    The FATF Recommendations – International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation.

    The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The mandate of the FATF is to set standards and […]

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  • IMF Working Paper – Understanding Correspondent Banking Trends: A Monitoring Framework

    IMF Working Paper – Understanding Correspondent Banking Trends: A Monitoring Framework

    The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on international trade, growth, financial […]

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  • Recent Trends in Correspondent Banking Relationships – Further Considerations

    Recent Trends in Correspondent Banking Relationships – Further Considerations

    Correspondent banking relationships (CBRs), which facilitate global trade and economic activity, have been under pressure in several countries. So far, crossborder payments have remained stable and economic activity has been […]

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  • IMF Working Paper – Loss of Correspondent Banking Relationships i n the Caribbean: Trends, Impact, and Policy Options.

    IMF Working Paper – Loss of Correspondent Banking Relationships i n the Caribbean: Trends, Impact, and Policy Options.

    A correspondent banking relationship (CBR) is a bilateral arrangement between banks, often involving a reciprocal cross-border relationship in multiple currencies. According to Erbenova et al. (2016), a correspondent banking arrangement […]

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  • Prospects for Blockchain-based Settlement Frameworks as a Resolution to the Threat of De-risking to Caribbean Financial Systems

    Prospects for Blockchain-based Settlement Frameworks as a Resolution to the Threat of De-risking to Caribbean Financial Systems

    Caribbean countries have been seriously impacted by the trend toward “de-risking” in the global financial system, and this is damaging to their economic security and the ability of Caribbean businesses […]

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  • De-Risking and Other Challenges in the Emerging Market Financial Sector : Findings from IFC’s Survey on Correspondent Banking

    De-Risking and Other Challenges in the Emerging Market Financial Sector : Findings from IFC’s Survey on Correspondent Banking

    Recent efforts to strengthen the global financial system will ultimately contribute to greater financial stability and a safer world. However, the resultant de-risking is reportedly having a negative impact on […]

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  • De-risking of Correspondent Banking Relationships: Threats, Challenges, and Opportunities

    De-risking of Correspondent Banking Relationships: Threats, Challenges, and Opportunities

    Many countries are threatened by the potential loss of their connection to the global financial system as large international banks terminate long-standing relationships and close correspondent accounts.2 This de-risking phenomenon […]

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  • The Decline in Access to Correspondent Banking Services in Emerging Markets: Trends, Impacts, and Solutions

    The Decline in Access to Correspondent Banking Services in Emerging Markets: Trends, Impacts, and Solutions

    To move funds internationally, banks rely on correspondent banking relationships (CBRs), roughly defined as the provision of banking services by one bank (the correspondent) to another bank (the respondent).

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  • CBR Withdrawals: Understanding the Uneven Occurrence Across the Caribbean

    CBR Withdrawals: Understanding the Uneven Occurrence Across the Caribbean

    Multiple studies have highlighted the Caribbean as one of the geographic regions most severely impacted by the decline in correspondent banking relationships (CBRs). However, when examined at a disaggregated level, […]

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  • Correspondent Banking Data Report – Update

    Correspondent Banking Data Report – Update

    This report presents updated results to the FSB Correspondent Banking Data Report of July 2017, and FSB Correspondent Banking Data Report – Update of March 2018 derived from information provided […]

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  • Increased Regulation and De-risking are Impeding Cross-Border Financing in Emerging Markets

    Increased Regulation and De-risking are Impeding Cross-Border Financing in Emerging Markets

    Correspondent banking relationships connect banks and people across borders and are critical to finance and trade. They are a vital link between emerging markets and the broader global economy. Yet […]

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  • Considerations for Legal Practitioners on De-Risking in the Caribbean

    Considerations for Legal Practitioners on De-Risking in the Caribbean

    There has been a recent trend for large international correspondent banks to restrict or terminate their correspondent banking relationships (CBRs) with certain regional respondent banks1, to “avoid, rather than manage, […]

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  • Assessing the Impact of the De-risking on Remittances and Trade Finance in Belize

    Assessing the Impact of the De-risking on Remittances and Trade Finance in Belize

    Since 2015, Belize has experienced de-­risking, the withdrawal of correspondent banking relationships. The impact on the banking sector and other financial institutions has been adverse, with repercussions also for the […]

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  • Sound Management of Risks Related to Money Laundering and Financing of Terrorism

    Sound Management of Risks Related to Money Laundering and Financing of Terrorism

    Being aware of the risks incurred by banks of being used, intentionally or unintentionally, for criminal activities, the Basel Committee on Banking Supervision is issuing these guidelines to describe how […]

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