CORRESPONDENT BANK DERISKING IN THE MENA HEIGHTENS RISK OF FINANCIAL CRIME
March 1st, 2017
DE-RISKING by US and European banks worried about falling foul of anti-money laundering (AML) laws has caused more than 80 Arab banks in the Middle East and North Africa to have lost their correspondent banking relationships over the past four years. If derisking continues at the current pace, there is the risk of those being cut out of the financial system resorting to illicit ways to transfer money. Paul Cochrane reports from Beirut.
WESTERN banks are derisking by terminating correspondent banking relationships (CBR) with Arab financial institutions ...
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