The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions

To move funds internationally, banks rely on correspondent banking relationships (CBRs), roughly defined as the provision of banking services by one bank (the correspondent) to another bank (the respondent). CBRs are essential to international paym...

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Main Author:	World Bank Group
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	CORRESPONDENT BANKING EMERGING MARKET ECONOMIES BANKING SYSTEM REMITTANCES RISK MANAGEMENT PRIVATE SECTOR FINANCIAL TECHNOLOGY FINTECH PUBLIC SECTOR ACCESS TO FINANCE MIGRANT LABOR INTERNATIONAL MIGRATION AML-CFT SETTLEMENT FLOWS MONEY LAUNDERING
Online Access:	http://documents.worldbank.org/curated/en/552411525105603327/The-decline-in-access-to-correspondent-banking-services-in-emerging-markets-trends-impacts-and-solutions-lessons-learned-from-eight-country-case-studies http://hdl.handle.net/10986/29778

id	okr-10986-29778
recordtype	oai_dc
spelling	okr-10986-297782021-06-08T12:08:49Z The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions World Bank Group CORRESPONDENT BANKING EMERGING MARKET ECONOMIES BANKING SYSTEM REMITTANCES RISK MANAGEMENT PRIVATE SECTOR FINANCIAL TECHNOLOGY FINTECH PUBLIC SECTOR ACCESS TO FINANCE MIGRANT LABOR INTERNATIONAL MIGRATION AML-CFT SETTLEMENT FLOWS MONEY LAUNDERING To move funds internationally, banks rely on correspondent banking relationships (CBRs), roughly defined as the provision of banking services by one bank (the correspondent) to another bank (the respondent). CBRs are essential to international payments and provide an essential nexus between local economies and jurisdictions and the international financial system. They underpin international trade, remittances, and humanitarian financial flows among countries and are therefore particularly relevant to developing countries to support economic growth and development. Since the global financial crisis of 2008, global banks have been reviewing their CBRs and many have decided to terminate or limit their correspondent banking services (also known as derisking) to different regions, jurisdictions, or categories of clients. 2018-05-03T18:54:45Z 2018-05-03T18:54:45Z 2018 Working Paper http://documents.worldbank.org/curated/en/552411525105603327/The-decline-in-access-to-correspondent-banking-services-in-emerging-markets-trends-impacts-and-solutions-lessons-learned-from-eight-country-case-studies http://hdl.handle.net/10986/29778 English Finance, Competitiveness and Innovation Insight; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper Bangladesh Guatemala Jamaica Mexico Philippines Samoa South Africa Tonga
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CORRESPONDENT BANKING EMERGING MARKET ECONOMIES BANKING SYSTEM REMITTANCES RISK MANAGEMENT PRIVATE SECTOR FINANCIAL TECHNOLOGY FINTECH PUBLIC SECTOR ACCESS TO FINANCE MIGRANT LABOR INTERNATIONAL MIGRATION AML-CFT SETTLEMENT FLOWS MONEY LAUNDERING
spellingShingle	CORRESPONDENT BANKING EMERGING MARKET ECONOMIES BANKING SYSTEM REMITTANCES RISK MANAGEMENT PRIVATE SECTOR FINANCIAL TECHNOLOGY FINTECH PUBLIC SECTOR ACCESS TO FINANCE MIGRANT LABOR INTERNATIONAL MIGRATION AML-CFT SETTLEMENT FLOWS MONEY LAUNDERING World Bank Group The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
geographic_facet	Bangladesh Guatemala Jamaica Mexico Philippines Samoa South Africa Tonga
relation	Finance, Competitiveness and Innovation Insight;
description	To move funds internationally, banks rely on correspondent banking relationships (CBRs), roughly defined as the provision of banking services by one bank (the correspondent) to another bank (the respondent). CBRs are essential to international payments and provide an essential nexus between local economies and jurisdictions and the international financial system. They underpin international trade, remittances, and humanitarian financial flows among countries and are therefore particularly relevant to developing countries to support economic growth and development. Since the global financial crisis of 2008, global banks have been reviewing their CBRs and many have decided to terminate or limit their correspondent banking services (also known as derisking) to different regions, jurisdictions, or categories of clients.
format	Working Paper
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
title_short	The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
title_full	The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
title_fullStr	The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
title_full_unstemmed	The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions
title_sort	decline in access to correspondent banking services in emerging markets : trends, impacts, and solutions
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/552411525105603327/The-decline-in-access-to-correspondent-banking-services-in-emerging-markets-trends-impacts-and-solutions-lessons-learned-from-eight-country-case-studies http://hdl.handle.net/10986/29778
_version_	1764470220293931008

The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions

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