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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 […]

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 […]

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 […]

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 […]

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, […]

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.

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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).

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, […]

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 […]

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 […]

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, […]

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 […]

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 […]