Withdrawal from Correspondent Banking : Where, Why, and What to Do About It

Correspondent banking services are essential to enabling companies and individuals to transact internationally and make cross-border payments. Recently there have been indications that certain large international banks have started terminating or s...

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Main Author:	World Bank Group
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	DEPOSIT FINANCIAL SERVICES RECEIPT ACCOUNTING DEPOSITS CUSTOMER SMALL BANKS PAYMENT SERVICE MONEY LAUNDERING FINANCING REGIONAL BANKS INTEREST ACCESS TO PAYMENT LAWS INDUSTRY REMITTANCE BANKING SYSTEM STRATEGIES BANKING SERVICES INFORMATION LIQUIDITY SERVICES DISCRIMINATION MONEY TRANSFER INTERNATIONAL BUSINESS INFORMATION SHARING REORGANIZATION CAPACITY BUILDING PRICING FEE CORRUPTION PAYMENTS CENTRAL BANKS CREDIT INSTITUTION INTERNATIONAL BANK MARKET INFRASTRUCTURES ECONOMIC ACTIVITY ACCESS TO FINANCIAL SERVICES JURISDICTIONS ANTI-MONEY LAUNDERING SAVINGS TECHNICAL ASSISTANCE PENALTIES CURRENCY SETTLEMENT SYSTEMS FINANCIAL INSTITUTION BANKING RELATIONSHIPS UNION CURRENT ACCOUNT PRIVATE BANKS FOREIGN CURRENCIES DEPOSIT ACCOUNTS TRANSFERS DOMESTIC BANKS FINANCIAL INSTITUTIONS PAYMENT MARKETS CAPITAL REQUIREMENTS FOREIGN ASSETS LEGISLATION WIRE TRANSFER FINANCE FOREIGN CURRENCY BANKING SECTOR BANKS SUPERVISORY AUTHORITIES CAPITAL TRANSPARENCY FINANCIAL STABILITY CUSTOMER BASE TRADE FINANCE COMPLIANCE COSTS SUBSIDIARIES ACCESS TO FINANCE VALUE BANK CREDIT LEGAL BARRIERS INTERNAL CONTROLS SOURCE OF INFORMATION FOREIGN BANKS CASH MANAGEMENT AFFILIATES OFFSHORE BANKING BALANCE SHEET FACTORS FOREIGN EXCHANGE REGULATION EASTERN CARIBBEAN CENTRAL BANK SUBSIDIARY PROFITABILITY CREDIT RISK WIRE TRANSFERS TRADE INTERESTS LAND PRUDENTIAL REQUIREMENTS INVESTMENT RISK LACK OF KNOWLEDGE CONTRACTUAL OBLIGATION BUSINESS STRATEGY PAYMENT SERVICES BANKING INTERNATIONAL PAYMENT SYSTEMS BANKING RELATIONSHIP CENTRAL BANKING LEGAL REQUIREMENTS STUDENTS BORROWING INVESTMENTS RISK MANAGEMENT LENDING CHAMBER OF COMMERCE SAVINGS BANKS CORRESPONDENT BANKS BANKING SUPERVISION CUSTOMERS OUTREACH REMITTANCES ACCOUNT HOLDER GOVERNMENTS PAYMENT SYSTEMS RESERVE BANK OF NEW ZEALAND INTERNATIONAL BANKS CREDIT INSTITUTIONS GUARANTEE SAVINGS BANK CONSUMER PROTECTION GROUP OF BANKS CONSOLIDATION
Online Access:	http://documents.worldbank.org/curated/en/2015/11/25481335/withdraw-correspondent-banking http://hdl.handle.net/10986/23335

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recordtype	oai_dc
spelling	okr-10986-233352021-04-23T14:04:14Z Withdrawal from Correspondent Banking : Where, Why, and What to Do About It World Bank Group DEPOSIT FINANCIAL SERVICES RECEIPT ACCOUNTING DEPOSITS CUSTOMER SMALL BANKS PAYMENT SERVICE MONEY LAUNDERING FINANCING REGIONAL BANKS INTEREST ACCESS TO PAYMENT LAWS INDUSTRY REMITTANCE BANKING SYSTEM STRATEGIES BANKING SERVICES INFORMATION LIQUIDITY SERVICES DISCRIMINATION MONEY TRANSFER INTERNATIONAL BUSINESS INFORMATION SHARING REORGANIZATION CAPACITY BUILDING PRICING FEE CORRUPTION PAYMENTS CENTRAL BANKS CREDIT INSTITUTION INTERNATIONAL BANK MARKET INFRASTRUCTURES ECONOMIC ACTIVITY ACCESS TO FINANCIAL SERVICES JURISDICTIONS ANTI-MONEY LAUNDERING SAVINGS TECHNICAL ASSISTANCE PENALTIES CURRENCY SETTLEMENT SYSTEMS FINANCIAL INSTITUTION BANKING RELATIONSHIPS UNION CURRENT ACCOUNT PRIVATE BANKS FOREIGN CURRENCIES DEPOSIT ACCOUNTS TRANSFERS DOMESTIC BANKS FINANCIAL INSTITUTIONS PAYMENT MARKETS CAPITAL REQUIREMENTS FOREIGN ASSETS LEGISLATION WIRE TRANSFER FINANCE FOREIGN CURRENCY BANKING SECTOR BANKS SUPERVISORY AUTHORITIES CAPITAL TRANSPARENCY FINANCIAL STABILITY CUSTOMER BASE TRADE FINANCE COMPLIANCE COSTS SUBSIDIARIES ACCESS TO FINANCE VALUE BANK CREDIT LEGAL BARRIERS INTERNAL CONTROLS SOURCE OF INFORMATION FOREIGN BANKS CASH MANAGEMENT AFFILIATES OFFSHORE BANKING BALANCE SHEET FACTORS FOREIGN EXCHANGE REGULATION EASTERN CARIBBEAN CENTRAL BANK SUBSIDIARY PROFITABILITY CREDIT RISK WIRE TRANSFERS TRADE INTERESTS LAND PRUDENTIAL REQUIREMENTS INVESTMENT RISK LACK OF KNOWLEDGE CONTRACTUAL OBLIGATION BUSINESS STRATEGY PAYMENT SERVICES BANKING INTERNATIONAL PAYMENT SYSTEMS BANKING RELATIONSHIP CENTRAL BANKING LEGAL REQUIREMENTS STUDENTS BORROWING INVESTMENTS RISK MANAGEMENT LENDING CHAMBER OF COMMERCE SAVINGS BANKS CORRESPONDENT BANKS BANKING SUPERVISION CUSTOMERS OUTREACH REMITTANCES ACCOUNT HOLDER GOVERNMENTS PAYMENT SYSTEMS RESERVE BANK OF NEW ZEALAND INTERNATIONAL BANKS CREDIT INSTITUTIONS GUARANTEE SAVINGS BANK CONSUMER PROTECTION GROUP OF BANKS CONSOLIDATION Correspondent banking services are essential to enabling companies and individuals to transact internationally and make cross-border payments. Recently there have been indications that certain large international banks have started terminating or severely limiting their correspondent banking relationships with smaller local and regional banks from jurisdictions around the world. To find out whether this is indeed happening, the World Bank, with support from the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI), surveyed banking authorities and banks worldwide to examine the extent of withdrawal from correspondent banking, its drivers, and its implications for financial exclusion/inclusion. In total, 110 banking authorities, 20 large banks, and 170 smaller local and regional banks participated in this exercise. This document includes finding of the survey, conclusions, and recommendations. 2015-12-14T20:25:00Z 2015-12-14T20:25:00Z 2015-11-01 Working Paper http://documents.worldbank.org/curated/en/2015/11/25481335/withdraw-correspondent-banking http://hdl.handle.net/10986/23335 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	DEPOSIT FINANCIAL SERVICES RECEIPT ACCOUNTING DEPOSITS CUSTOMER SMALL BANKS PAYMENT SERVICE MONEY LAUNDERING FINANCING REGIONAL BANKS INTEREST ACCESS TO PAYMENT LAWS INDUSTRY REMITTANCE BANKING SYSTEM STRATEGIES BANKING SERVICES INFORMATION LIQUIDITY SERVICES DISCRIMINATION MONEY TRANSFER INTERNATIONAL BUSINESS INFORMATION SHARING REORGANIZATION CAPACITY BUILDING PRICING FEE CORRUPTION PAYMENTS CENTRAL BANKS CREDIT INSTITUTION INTERNATIONAL BANK MARKET INFRASTRUCTURES ECONOMIC ACTIVITY ACCESS TO FINANCIAL SERVICES JURISDICTIONS ANTI-MONEY LAUNDERING SAVINGS TECHNICAL ASSISTANCE PENALTIES CURRENCY SETTLEMENT SYSTEMS FINANCIAL INSTITUTION BANKING RELATIONSHIPS UNION CURRENT ACCOUNT PRIVATE BANKS FOREIGN CURRENCIES DEPOSIT ACCOUNTS TRANSFERS DOMESTIC BANKS FINANCIAL INSTITUTIONS PAYMENT MARKETS CAPITAL REQUIREMENTS FOREIGN ASSETS LEGISLATION WIRE TRANSFER FINANCE FOREIGN CURRENCY BANKING SECTOR BANKS SUPERVISORY AUTHORITIES CAPITAL TRANSPARENCY FINANCIAL STABILITY CUSTOMER BASE TRADE FINANCE COMPLIANCE COSTS SUBSIDIARIES ACCESS TO FINANCE VALUE BANK CREDIT LEGAL BARRIERS INTERNAL CONTROLS SOURCE OF INFORMATION FOREIGN BANKS CASH MANAGEMENT AFFILIATES OFFSHORE BANKING BALANCE SHEET FACTORS FOREIGN EXCHANGE REGULATION EASTERN CARIBBEAN CENTRAL BANK SUBSIDIARY PROFITABILITY CREDIT RISK WIRE TRANSFERS TRADE INTERESTS LAND PRUDENTIAL REQUIREMENTS INVESTMENT RISK LACK OF KNOWLEDGE CONTRACTUAL OBLIGATION BUSINESS STRATEGY PAYMENT SERVICES BANKING INTERNATIONAL PAYMENT SYSTEMS BANKING RELATIONSHIP CENTRAL BANKING LEGAL REQUIREMENTS STUDENTS BORROWING INVESTMENTS RISK MANAGEMENT LENDING CHAMBER OF COMMERCE SAVINGS BANKS CORRESPONDENT BANKS BANKING SUPERVISION CUSTOMERS OUTREACH REMITTANCES ACCOUNT HOLDER GOVERNMENTS PAYMENT SYSTEMS RESERVE BANK OF NEW ZEALAND INTERNATIONAL BANKS CREDIT INSTITUTIONS GUARANTEE SAVINGS BANK CONSUMER PROTECTION GROUP OF BANKS CONSOLIDATION
spellingShingle	DEPOSIT FINANCIAL SERVICES RECEIPT ACCOUNTING DEPOSITS CUSTOMER SMALL BANKS PAYMENT SERVICE MONEY LAUNDERING FINANCING REGIONAL BANKS INTEREST ACCESS TO PAYMENT LAWS INDUSTRY REMITTANCE BANKING SYSTEM STRATEGIES BANKING SERVICES INFORMATION LIQUIDITY SERVICES DISCRIMINATION MONEY TRANSFER INTERNATIONAL BUSINESS INFORMATION SHARING REORGANIZATION CAPACITY BUILDING PRICING FEE CORRUPTION PAYMENTS CENTRAL BANKS CREDIT INSTITUTION INTERNATIONAL BANK MARKET INFRASTRUCTURES ECONOMIC ACTIVITY ACCESS TO FINANCIAL SERVICES JURISDICTIONS ANTI-MONEY LAUNDERING SAVINGS TECHNICAL ASSISTANCE PENALTIES CURRENCY SETTLEMENT SYSTEMS FINANCIAL INSTITUTION BANKING RELATIONSHIPS UNION CURRENT ACCOUNT PRIVATE BANKS FOREIGN CURRENCIES DEPOSIT ACCOUNTS TRANSFERS DOMESTIC BANKS FINANCIAL INSTITUTIONS PAYMENT MARKETS CAPITAL REQUIREMENTS FOREIGN ASSETS LEGISLATION WIRE TRANSFER FINANCE FOREIGN CURRENCY BANKING SECTOR BANKS SUPERVISORY AUTHORITIES CAPITAL TRANSPARENCY FINANCIAL STABILITY CUSTOMER BASE TRADE FINANCE COMPLIANCE COSTS SUBSIDIARIES ACCESS TO FINANCE VALUE BANK CREDIT LEGAL BARRIERS INTERNAL CONTROLS SOURCE OF INFORMATION FOREIGN BANKS CASH MANAGEMENT AFFILIATES OFFSHORE BANKING BALANCE SHEET FACTORS FOREIGN EXCHANGE REGULATION EASTERN CARIBBEAN CENTRAL BANK SUBSIDIARY PROFITABILITY CREDIT RISK WIRE TRANSFERS TRADE INTERESTS LAND PRUDENTIAL REQUIREMENTS INVESTMENT RISK LACK OF KNOWLEDGE CONTRACTUAL OBLIGATION BUSINESS STRATEGY PAYMENT SERVICES BANKING INTERNATIONAL PAYMENT SYSTEMS BANKING RELATIONSHIP CENTRAL BANKING LEGAL REQUIREMENTS STUDENTS BORROWING INVESTMENTS RISK MANAGEMENT LENDING CHAMBER OF COMMERCE SAVINGS BANKS CORRESPONDENT BANKS BANKING SUPERVISION CUSTOMERS OUTREACH REMITTANCES ACCOUNT HOLDER GOVERNMENTS PAYMENT SYSTEMS RESERVE BANK OF NEW ZEALAND INTERNATIONAL BANKS CREDIT INSTITUTIONS GUARANTEE SAVINGS BANK CONSUMER PROTECTION GROUP OF BANKS CONSOLIDATION World Bank Group Withdrawal from Correspondent Banking : Where, Why, and What to Do About It
description	Correspondent banking services are essential to enabling companies and individuals to transact internationally and make cross-border payments. Recently there have been indications that certain large international banks have started terminating or severely limiting their correspondent banking relationships with smaller local and regional banks from jurisdictions around the world. To find out whether this is indeed happening, the World Bank, with support from the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI), surveyed banking authorities and banks worldwide to examine the extent of withdrawal from correspondent banking, its drivers, and its implications for financial exclusion/inclusion. In total, 110 banking authorities, 20 large banks, and 170 smaller local and regional banks participated in this exercise. This document includes finding of the survey, conclusions, and recommendations.
format	Working Paper
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Withdrawal from Correspondent Banking : Where, Why, and What to Do About It
title_short	Withdrawal from Correspondent Banking : Where, Why, and What to Do About It
title_full	Withdrawal from Correspondent Banking : Where, Why, and What to Do About It
title_fullStr	Withdrawal from Correspondent Banking : Where, Why, and What to Do About It
title_full_unstemmed	Withdrawal from Correspondent Banking : Where, Why, and What to Do About It
title_sort	withdrawal from correspondent banking : where, why, and what to do about it
publisher	World Bank, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/11/25481335/withdraw-correspondent-banking http://hdl.handle.net/10986/23335
_version_	1764453766560481280

Withdrawal from Correspondent Banking : Where, Why, and What to Do About It

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