Report on the Pacific Roundtables: Actions to Address Correspondent Banking and Remittances Pressure
Departmental Papers, May 1, 2019
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- Report on the Pacific Roundtables: Actions to Address Correspondent Banking and Remittances Pressure
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Bibliographic details
- Authors: Alison Stuart, Jihad Alwazir, Yan Liu, Scott Roger, Si Guo, Chau Nguyen, Emmanuel Mathias, Jonathan Pampolina
- Published: May 1, 2019
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781498306447.087
Core objective and scope
- The paper looks at feasible concrete action that can be taken by correspondent and respondent banks, money transfer operators, the Pacific authorities, the Australian and New Zealand authorities, and international organizations.
- Subject areas: Anti-money laundering and combating the financing of terrorism (AML/CFT), Balance of payments, Banking, Compliance costs, Correspondent banking, Crime, Financial institutions, Financial services, Multilateral development institutions, Remittances, Revenue administration.
Key findings (as stated)
- Identifies feasible concrete actions for:
- Correspondent banks and respondent banks.
- Money transfer operators.
- Pacific authorities.
- Australian and New Zealand authorities.
- International organizations.
Policy focus and recommendations (summarized from scope)
- Emphasizes coordinated action across financial institutions, operators, national authorities, and international organizations to address correspondent banking and remittances pressures.
- Targets reduction of compliance-related disruptions to correspondent banking relationships and remittance channels through practical measures tailored to the Pacific context.
Keywords (as provided)
- accounts open, Anti-money laundering and combating the financing of terrorism (AML/CFT), Australia and New Zealand, Compliance costs, Correspondent banking, correspondent banking link, correspondent banking relationship, DP, DPPP, Global, guidance to member, money transfer operator, money transfer operator remittance, Multilateral development institutions, operator practice, operator remittance, operator transaction, Pacific Islands, Remittances, transfer operator, transfer operator account, transfer operator closure, transfer operator practice
Report on the Pacific Roundtables: Actions to Address Correspondent Banking and Remittances Pressure — Departmental Papers 2019, 006 (May 1, 2019).
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