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The Decline in Access to Correspondent Banking Services in Emerging Markets : Trends, Impacts, and Solutions.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- World Bank Group.
- Series:
- Other papers.
- World Bank e-Library.
- Other papers
- Language:
- English
- Subjects (All):
- Access to Finance.
- Money Laundering.
- Private Sector.
- Public Sector.
- Remittances.
- Risk Management.
- Local Subjects:
- Access to Finance.
- Money Laundering.
- Private Sector.
- Public Sector.
- Remittances.
- Risk Management.
- Other Title:
- Decline in Access to Correspondent Banking Services in Emerging Markets
- Place of Publication:
- Washington, D.C. : The World Bank, 1905.
- System Details:
- data file
- Summary:
- 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.
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