Foreign Correspondent Banking – Regulators Encourage U.S. Banks to Keep Doing It, But Their Regulations Have Been Discouraging – Lexology

Foreign Correspondent Banking: The three dreaded words that hang like the Damocles Sword on every foreign bank wanting to trade with the United States for US Dollar clearing & settlement.

This is a great article that highlights the issues surrounding the shrinking supply of foreign correspondent banks.

In addition to this article, I would also highly recommend you read this 3-page article by Richard Northedge of The Daily Telegraph: Correspondence closed as banks post changes (PDF).

Once again, banks seem to be caught between a regulatory rock and a hard place. After years of additional regulations and civil money penalties…

Source: Foreign Correspondent Banking – Regulators Encourage U.S. Banks to Keep Doing It, But Their Regulations Have Been Discouraging – Lexology

Comments

comments

Leave a Reply

Your email address will not be published. Required fields are marked *