FSB全球金融稳定委员会-Remittance-service-providers-access-to-banking-services_-Monitoring-of-the-FSBs-recommendations_32页_519kb

Summary of Remittance Service Providers' Access to Banking Services

Core Content

This document outlines the FSB's monitoring of the implementation of 19 recommendations from its 2018 stocktake report, which aimed to improve remittance service providers' (RSPs) access to banking services. The recommendations were grouped into four categories: promoting dialogue and communication, international standards and oversight, the use of innovation, and remittance-related technical assistance. The FSB, along with FATF, GPFI, IMF, and WB, is tasked with tracking progress and identifying further areas of action.

Main Viewpoints

• Correspondent Banking Decline: The reduction in correspondent banking relationships continues to be a major concern, particularly for RSPs in developing countries where remittances are a crucial source of income.
• Cost Concerns: Despite a decline in remittance costs over the past decade, the cost of sending USD 200 remains at 7.01%, significantly above the UN's 3% target.
• AML/CFT Risks: Banks perceive the remittance sector as high risk from an anti-money laundering and counter-terrorism financing (AML/CFT) perspective, which influences their decision to limit services to RSPs.
• Need for Dialogue: Improved communication between RSPs, banks, and regulators is essential to align expectations and address challenges effectively.
• Innovation as a Tool: Innovation, particularly through digital solutions and technology, can help reduce risks and improve access to banking services, but it must be balanced with regulatory oversight.
• Technical Assistance (TA): TA has been directed to the remittance sector, but better coordination and focus on oversight and risk assessment are needed.

Key Information

1. Recommendations to Improve Accessibility of Banking Services to RSPs

• Promoting Dialogue and Communication: The FSB, GPFI, FATF, IMF, and WB should continue facilitating stakeholder dialogue to improve understanding and cooperation.
• International Standards and Oversight: National authorities should implement FATF standards, including risk-based assessments, licensing, and sanctions for non-compliance.
• Use of Innovation: Authorities should support innovation through sandboxes and hubs while ensuring AML/CFT compliance. Digital solutions and e-ID technologies can help reduce ML/TF risks.
• Technical Assistance: TA should focus on strengthening regulation, preparing national risk assessments, reducing cash use, and improving interconnectedness between sending and receiving jurisdictions.

2. Promoting Dialogue and Communication

• Public Initiatives: The FSB held a workshop in London (March 2019) to improve dialogue and understanding between RSPs, banks, and supervisors.
• BAFT Playbook: Published in March 2019, the BAFT playbook provides guidance for RSPs on how to manage their relationships with banks, including due diligence processes and risk management.
• CBDDQ: The Wolfsberg Group’s Correspondent Banking Due Diligence Questionnaire (CBDDQ) offers a model for structured communication and risk sharing between banks and RSPs.

3. International Standards and Oversight

• FATF Standards: These are considered sufficient, but implementation varies across jurisdictions. Some lack robust supervision, and there is a need for clearer guidance and better coordination.
• Risk-Based Approach (RBA): Authorities should ensure that their regulatory frameworks incorporate a RBA and that they monitor RSPs effectively.
• Supervisory Cooperation: Enhanced cooperation between supervisors, including AML/CFT and payment systems overseers, is critical for effective oversight.

4. Innovation in the Remittance Sector

• Regulatory Support: Authorities should support innovation while managing risks, using sandboxes and hubs to foster new technologies.
• e-ID and Technology: Technologies like e-ID and digital platforms can improve customer identification and reduce financial crime risks.
• Digital Solutions: National authorities should consider digital solutions when drafting regulations to ensure they are resilient to future developments.

5. Technical Assistance

• Focus Areas: TA should be directed towards strengthening regulation, reducing cash use, and improving data collection for monitoring.
• Interoperability: Standardisation initiatives like ISO 20022 can support interoperability between payment systems and RSPs.
• World Bank Data: TA could also support the collection of data for the World Bank's Remittances Prices Worldwide database.

Conclusion and Next Steps

The report concludes that while progress has been made, further work is needed to ensure RSPs have better access to banking services. Key next steps include:

• FATF: Continue monitoring implementation through mutual evaluations and follow-up reports, and consider organizing a workshop on effective practices in remittance sector supervision.
• FSB: Coordinate remittance-related TA, develop guidance on communication strategies, and convene the official sector, banks, and RSPs to discuss standardised tools for customer due diligence.
• Banks and RSPs: Work together to develop guidance on information sharing, and RSPs should demonstrate their AML/CFT compliance to banks.
• Regulators: Ensure robust oversight of RSPs, not relying solely on banks for compliance monitoring.

This report underscores the importance of collaboration, standardisation, and innovation in addressing the challenges faced by RSPs in accessing banking services.