A paper recently published by professional services firm PwC proposes that data analytics provide an alternative for financial institutions considering dropping correspondent banking relationships to comply with anti-money laundering regulations.
Titled “Correspondence Course: Charting a future for US-Dollar clearing and correspondent banking through analytics,” the report illustrates why companies often end correspondent banking relationships – a process known as de-risking – as well as the potential impact this option has in the global financial market. It says that the primary reason has to do with the significance of noncompliance penalties, the risks of which are exacerbated by the complexities of both correspondent banking and dollar clearing. The complex nature these practices accounts for why financial criminals find them so enticing.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
