{
  "title": "The Withdrawal of Correspondent Banking Relationships: A Case for Policy Action",
  "publication": "Staff Discussion Notes, June 30, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/the-withdrawal-of-correspondent-banking-relationships-a-case-for-policy-action-43680",
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  "summary": "This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis.",
  "sections": [
    {
      "heading": "Key findings and context",
      "content": "- Focus: withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis.\n- Evidence and consequences:\n  - Withdrawal of CBRs has reached a critical level in some affected countries and can have a systemic impact if unaddressed.\n  - Macroeconomic consequences have not been identified so far at a global level.\n- Drivers examined:\n  - The paper explores drivers of CBR withdrawal drawing on recent surveys and select country information.\n- Areas potentially undermined if negative impacts continue:\n  - Financial stability, inclusion, growth and development goals."
    },
    {
      "heading": "Responses and IMF role",
      "content": "- International community responses are presented to address the phenomenon of CBR withdrawal.\n- IMF activities described:\n  - Supporting member countries in the context of surveillance and technical assistance.\n  - Facilitating dialogue among stakeholders.\n  - Encouraging data gathering efforts."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- The paper concludes by suggesting policy responses needed by public and private sector stakeholders to mitigate potential negative impacts of CBR withdrawal.\n- Implicit policy priorities:\n  - Strengthen coordination among international and domestic authorities.\n  - Enhance data collection and monitoring of CBR trends.\n  - Provide targeted technical assistance and capacity building for affected jurisdictions.\n  - Promote stakeholder dialogue to address drivers such as compliance costs and risk assessment practices."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Balance of payments, Banking, Compliance costs, Correspondent banking, Crime, Financial services, Money laundering, Remittances.\n- Keywords include: AML/CFT; Correspondent Banking; De-risking; due diligence; remittances; respondent bank; Technical Assistance; Trade Finance; withdrawal of CBR.\n\nThe Withdrawal of Correspondent Banking Relationships: A Case for Policy Action, Staff Discussion Note (June 30, 2016).\n\n---\n\n Content in this bundle\n\n- sdn1606\n  - sdn1606 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - sdn1606 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/the-withdrawal-of-correspondent-banking-relationships-a-case-for-policy-action-43680"
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    "Authors: Michaela Erbenova, Yan Liu, Nadim Kyriakos-Saad, Aledjandro Lopez Mejia, Jose Giancarlo Gasha, Emmanuel Mathias, Mohamed Norat, Yasmin Almeida",
    "Published: June 30, 2016",
    "Series: Staff Discussion Notes",
    "DOI: https://doi.org/10.5089/9781498375092.006",
    "Focus: withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis.",
    "Evidence and consequences:",
    "Drivers examined:",
    "Areas potentially undermined if negative impacts continue:",
    "International community responses are presented to address the phenomenon of CBR withdrawal.",
    "IMF activities described:",
    "The paper concludes by suggesting policy responses needed by public and private sector stakeholders to mitigate potential negative impacts of CBR withdrawal.",
    "Implicit policy priorities:",
    "Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Balance of payments, Banking, Compliance costs, Correspondent banking, Crime, Financial services, Money laundering, Remittances.",
    "Keywords include: AML/CFT; Correspondent Banking; De-risking; due diligence; remittances; respondent bank; Technical Assistance; Trade Finance; withdrawal of CBR.",
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