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ARTICLE · 10 MAY 2017

AML Drive Pushing Businesses Out Of Banking System

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Anti-money laundering (AML) regulatory concerns are causing large banks to reduce ties with banks in other countries, inadvertently shutting thousands of small businesses out of the global...

GlobalFinance and Banking
Tony Anderson
Tony Anderson
Martin Webster
Martin Webster

Anti-money laundering (AML) regulatory concerns are causing large banks to reduce ties with banks in other countries, inadvertently shutting thousands of small businesses out of the global financial system, according to software provider Accuity.

Accuity's research has shown a 25% drop in global correspondent banking relationships since 2009 due to 'de-risking'. This re-disking is being driven by US and European banks, and has left businesses in some geographic regions without access to the international financial community, the financial crime compliance and payments solutions provider said.

Global correspondent relationships are where one financial institution provides services on behalf of another in a different location on cross border payments.

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