19 December 2016
The Financial Stability Board (FSB) today published its latest progress report on the implementation of its four-point action to assess and address the decline in correspondence banking. The progress report includes a set of deliverables for 2017 to implement the action plan.
The report describes progress in taking forward the four-point action plan published by the FSB in November 2015, namely:
- Further examining the dimensions of the problem, and its causes and effects;
- Clarifying regulatory expectations, as a matter of priority, including through guidance by the Financial Action Task Force (FATF);
- Domestic capacity-building in jurisdictions that are home to affected respondent banks;
- Strengthening tools for due diligence by correspondent banks.