Governments have yet to collect sufficient data to fully understand the reasons for and impact of a reported decline in correspondent banking services throughout the globe, a Basel-based organization said Friday.
The International Monetary Fund called on watchdog groups and governments to clarify their compliance expectations and improve cross-border data-sharing in an effort to reverse a global decline in correspondent banking relationships.
In a rare gesture last week, a federal regulator signaled to banks that they might relax when it comes to implementing certain anti-money laundering policies. There was only one problem: no one is likely to listen.
A number of large U.S. and international banks are dropping customer accounts and services tied to high-risk geographical regions and lines of business in response to regulatory pressure, including enforcement actions.
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