News

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 report issued Thursday, the intergovernmental organization said that private and public sector respondents to a recent survey partially attributed the reduction to the costs of maintaining bank-to-bank services while complying with economic and trade sanctions, anti-money laundering (AML) rules and tax transparency initiatives. The decline has particularly impacted financial institutions in emerging markets and developing nations in Africa, the Caribbean, Central Asia, Eastern Europe and the Pacific,...