Financial institutions have yet to develop a practical method to evaluate and limit the compliance vulnerabilities that political figures and high-risk businesses pose, according to a U.K. study published Tuesday. While frustration continues to be high with and within banks over their decisions to deny services to large sets of corporate clients and politically exposed persons, or PEPs, "there appears to be no 'silver bullet'" to curtail so-called "de-risking" by the institutions, John Howell & Co. Ltd found in a report commissioned by the U.K. Financial Conduct Authority (FCA). The study, requested by the regulatory agency in July in an...
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.