2016年-FSB全球金融稳定委员会_Public_responses_to_the_June_2016_consultative_document_Proposed_Policy_Recommendations_to_Address_Structural_Vulnerabilities_from_Asset_Management_Activities_4页_237kb

IMF Conference on Correspondent Banking Relationships: Policy Responses and Industry Solutions Summary

Core Content

The conference, organized by the IMF, brought together stakeholders from the public and private sectors to address the growing issue of declining correspondent banking relationships. This decline poses significant risks to international payment systems, financial inclusion, and the stability of the global financial system. Svein Andresen, Secretary General of the Financial Stability Board (FSB), emphasized the need for coordinated action across international organizations, national authorities, and the banking industry.

Main Points

• Impact of Decline: Loss of correspondent banking access affects international payments, trade financing, and remittances. It may lead to informal financial channels, impacting growth and financial system integrity.
• FSB's Role: The FSB has been actively involved since January 2015, working with the IMF, World Bank, and other entities to understand and address the issue.
• Action Plan Overview: The FSB has developed a four-pronged action plan to tackle the decline in correspondent banking.

1. Data Collection and Analysis

• The World Bank survey identified that 49 out of 91 jurisdictions reported a decline in correspondent banking services.
• CPMI analyzed SWIFT data, showing a decrease in active correspondents in over 120 countries, with declines exceeding 10% in 40 of them.
• A new survey launched by the FSB with IMF and World Bank support will collect more detailed and anonymized data from 50 jurisdictions and over 350 banks.
• The Coordination Group aims to establish a simpler, regular data collection mechanism to monitor trends over time.

2. Clarifying Regulatory Expectations

• The FSB Coordination Group reviewed guidance from FATF, CPMI, and the Basel Committee to identify areas needing clarification.
• FATF will address these areas in its upcoming guidance, clarifying that correspondent banks do not need to perform KYCC (Know Your Customer's Customer) due diligence.
• The Basel Committee is also updating its guidance, focusing on KYC utilities and payment message quality.
• The FSB encourages national authorities to clarify their sanction regimes and engage with industry stakeholders.

3. Domestic Capacity Building

• The FSB has established an inventory of technical assistance and training provided by the official sector, covering 158 countries.
• The IMF leads this initiative, collaborating with the World Bank, regional development banks, and FATF-style regional bodies.
• The G20 has urged intensified support for capacity building, which the FSB is addressing through better coordination and resource mobilization.
• The FSB encourages the banking industry to support capacity building, with the Wolfsberg Group leading some initiatives.
• Workshops and bilateral meetings are being used to foster dialogue between correspondents and respondents.

4. Strengthening Due Diligence Tools

• The CPMI has published recommendations to improve due diligence efficiency and reduce costs.
• Key recommendations include:
  • Promoting the use of KYC utilities and standardizing data.
  • Encouraging the use of the Legal Entity Identifier (LEI) in payment messages.
  • Enhancing information sharing within and across financial institutions.
  • Improving the quality of payment messages through better industry practice and supervision.

Key Information

• No Quick Fixes: The decline in correspondent banking is complex and requires sustained collaboration.
• Global Participation: Over 50 jurisdictions and 350 banks are participating in the FSB's data collection efforts.
• Ongoing Monitoring: The FSB will publish a report on progress and next steps by the end of 2016.
• Industry Involvement: Industry groups like the Wolfsberg Group and the IIF are contributing to solutions through surveys and initiatives.
• LEI Promotion: The LEI is being considered for inclusion in payment messages to enhance transparency and reduce information requests.

Conclusion

The decline in correspondent banking is a multifaceted challenge requiring coordinated policy responses and industry solutions. The FSB, in collaboration with the IMF, World Bank, and other stakeholders, is working to better understand the issue, clarify regulatory expectations, support capacity building, and strengthen due diligence tools. Continued dialogue and cooperation are essential to address this challenge effectively.