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.
Global financial institutions, regulatory agencies and industry groups should develop and adopt standardized know-your-customer requirements to reduce due diligence costs tied to correspondent transactions, central bankers said Wednesday.
An intergovernmental watchdog group is set to issue new guidance on cross-border transfers, virtual currencies and other categories of customers and transactions that many banks associate with high regulatory and legal risks.
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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