Wholesale de-risking of correspondent relationships irrespective of banks’ individual AML/CFT efforts says EBA report
Correspondent banking relationships have been terminated because financial institutions are de-risking due to anti-money laundering and counter financing of terrorism (AML/CFT) rules according to a report published by the European Banking Authority (EBA).
Respondent banks that contributed to the EBA report on de-risking and its impact on access to financial services said decisions to end correspondent relationships are being made by financial institutions regardless of the respondent banks’ individual AML/CFT efforts.
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