2016年-FSB全球金融稳定委员会_Progress_report_to_G20_on_the_FSB_action_plan_to_assess_and_address_the_decline_in_correspondent_banking_11页_373kb

FSB Action Plan Progress Report on Correspondent Banking Decline

Core Content

The Financial Stability Board (FSB) presented an action plan in November 2015 to address the decline in correspondent banking relationships, which poses risks to international payments, financial inclusion, and financial system stability. The plan includes four key elements: data collection and analysis, clarification of regulatory expectations, domestic capacity-building, and strengthening due diligence tools.

Main Points

1. Data Collection and Analysis

• The FSB has been working to better understand the decline in correspondent banking by collecting data on the scale, causes, and effects of the withdrawal.
• A one-off survey of national authorities and banks has been designed to fill data gaps.
• The CPMI published a comprehensive report in July 2016, analyzing SWIFT data and showing a decline in the number of active correspondents despite an increase in transaction volumes.
• Regional findings indicate mixed trends, with significant declines in Europe and parts of Africa, but increases in other regions like Central America and Asia.
• Additional data is needed to assess concentration risks and the evolution of the structure of correspondent banking.

2. Clarifying Regulatory Expectations

• The FSB, in cooperation with the FATF and BCBS, aims to clarify regulatory expectations for correspondent banking.
• Key areas for clarification include:
  • Definition of correspondent banking and risk-based approaches.
  • Due diligence on respondent banks and their customers (KYC and KYCC).
  • Governance processes for terminating relationships.
  • The role of authorities in building trust in local supervision.
• The FATF updated its guidance in 2016, including a risk-based approach for money transfer services and a revised Recommendation 8 on non-profit organizations.
• The BCBS will complement FATF's work and finalize its guidance after FATF's October 2016 Plenary meeting.

3. Domestic Capacity-Building

• The FSB emphasized the importance of supporting jurisdictions with weak AML/CFT frameworks to improve compliance and reduce the risk of losing correspondent banking relationships.
• An inventory of technical assistance (TA) and capacity-building activities has been compiled, including efforts by the IMF, World Bank, and other international organizations.
• The FSB encourages collaboration between public and private sectors, including training and sharing best practices.
• Regional workshops and dialogues have been organized to facilitate information exchange and cooperation.

4. Strengthening Due Diligence Tools

• The CPMI report includes several recommendations to enhance due diligence and payment transparency:
  • Standardizing KYC utilities to reduce costs and improve efficiency.
  • Promoting the use of Legal Entity Identifiers (LEIs) in correspondent banking.
  • Enhancing information-sharing mechanisms to support AML/CFT compliance.
  • Improving the quality of payment messages to reduce the need for additional information requests.
  • Optionally including LEIs in payment messages to improve transparency and reduce correspondent inquiries.

Key Information

• The decline in correspondent banking relationships is linked to increased concentration and reduced financial inclusion.
• The CPMI report, based on SWIFT data, highlights the importance of understanding the broader implications of this trend.
• The FATF and BCBS are working together to clarify standards and guidance for correspondent banking.
• The CBCG plays a central role in coordinating these efforts, including data collection, technical assistance, and fostering public-private dialogue.
• The FSB is encouraging the development of contingency plans for jurisdictions facing severe loss of correspondent banking services.
• Industry initiatives, such as those by the Wolfsberg Group and SWIFT, are being explored to support improved due diligence and payment transparency.

Conclusion

The FSB is actively addressing the decline in correspondent banking through a multi-faceted approach that includes data analysis, regulatory clarification, capacity-building, and improved due diligence practices. Continued collaboration between international organizations, national authorities, and the private sector is essential to ensure the stability and integrity of the global financial system.