The primary supervisor of U.S. national banks will soon publish guidance "reiterating" how financial institutions can manage compliance risks posed by their foreign correspondent clients, the agency's chief said Wednesday.
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.
A World Bank study set to be published next month will suggest that the compliance risks often associated with money remittance firms may not be as serious as they seem.
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