Tag Archives: correspondent banking

OCC to Issue ‘Best Practices’ Guidance on AML/BSA Risk Management

In response to the “derisking” trend in anti-money laundering and Bank Secrecy Act compliance, the OCC will soon issue guidance that articulates its expectations for banks to routinely evaluate risk in their foreign correspondent banking portfolios, Comptroller of the Currency Thomas Curry said today.

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Global Regulatory Coordinators Continue Moves to Stem ‘Derisking’

The Basel, Switzerland-based Financial Stability Board published a report recently outlining steps taken in response to a decline in the number of worldwide correspondent banking relationships -- a sign of “derisking” as banks respond to stepped-up regulatory focus on anti-money laundering compliance.

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J.P. Morgan Chase CEO Encourages Industry Unity

Institutions of all sizes play a vital role in the financial ecosystem and depend on each other to meet the needs of customers across America, J.P. Morgan Chase Chairman and CEO Jamie Dimon said in an op-ed in the Wall Street Journal today.

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ABA: Reg Burden Key to Correspondent Banking Declines

ABA in a comment letter yesterday to the Bank for International Settlements voiced its support for three of the four recommendations made by BIS’ report on correspondent banking to improve the cross-border payments marketplace, but said that the report ultimately failed to address the central issue of excessive regulatory burden leading to the termination of correspondent banking relationships.

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