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 an interview with ACAMS moneylaundering.com, Financial Action Task Force (FATF) President Roger Wilkins said that the organization plans to publish analysis on the remittance sector as early as October amid a widespread, wholesale termination of bank accounts for money services businesses (MSBs) that operate in high-risk jurisdictions, a problem that has drawn the attention of U.S. and U.K. regulators. In his personal view, financial institutions may do...
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.