HALISTER1: FSB Acts to Stem Decline in Correspondent Banking, Sets Workplan

FSB Acts to Stem Decline in Correspondent Banking, Sets Workplan

(Bloomberg) -- Financial Stability Board publishes progress report on 4-point plan to assess and address decline in correspondent banking relationships, sets out workplan for 2017.
  • FSB’s Correspondent Banking Coordination Group surveyed national authorities and banks to improve data on causes and consequences of the decline
  • Actions planned for 2017 include:
    • By March, FSB to suggest communication strategies to publicize steps taken to improve frameworks for anti- money laundering and combating the financing of terrorism
    • By April, publication of findings from survey; FSB and Swift to set out process for monitoring of trends
    • By June, Basel Committee to publish revised guidance on correspondent banking, task force to finish work on definition
    • Steps to be taken to share information and support coordination
    • Swift and Wolfsberg Group to develop action plan to strengthen market guidance on payment messages used for correspondent banking
  • Further progress report on the work of the Coordination Group to be published ahead of the G20 Leaders’ Summit in Hamburg in July 2017
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Source: BFW (Bloomberg First Word)

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