All posts tagged "Correspondent Banking"
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204AML / KYCInconsistent AML Approaches Cause Cross-border Payment Frictions
The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.
October 23, 2021 -
265Asia-PacificCentral Banks Create Prototype Platform for mCBDC Settlements
The prototype platform was able to complete international transfers and foreign exchange operations in seconds while also lowering the cost of cross-border operations.
September 29, 2021 -
371AML / KYCRBNZ Issues Formal Warning to Westpac for AML Failures
Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.
August 11, 2021 -
172Fintech / RegtechCPMI Workplan Highlights Focus on Stablecoins, CBDCs
CPMI annual work programme highlights cross-border payments, stablecoins, CBDCs, central clearing and FMI risks as key priorities.
August 6, 2021 -
198FeatureMAS, Banque de France Complete m-CBDC Experiment
The experiment showed the potential to reduce the number of correspondent banking parties involved in the payment chain for cross-border transactions.
July 11, 2021 -
308AML / KYC‘Tranche 1.5’ AML Reforms Take Effect in Australia
AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.
June 21, 2021 -
278AML / KYCFATF Framework Can Better Support Financial Inclusion: RUSI
There are insufficient incentives within the framework to ensure the FATF Standards are implemented in a way that supports inclusion.
June 17, 2021 -
437AML / KYCPNG’s BSP Financial Group Faces Possible AML Penalties
Australia's CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.
June 17, 2021 -
281AML / KYCBaFin Orders Deutsche Bank to Further Enhance AML Controls
Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.
May 4, 2021 -
923AML / KYCAUSTRAC Publishes Regulatory Guides on Strengthen AML Controls
The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.
March 31, 2021
