Industry KYC utilities can also help by acting as a platform of up-to-date information for correspondent banks
. Swift's KYC Registry, for example, has more than 5,000 financial institutions on its books and enables banks to provide validated information, making it cheaper and easier for their correspondents to access the information they need.
The BSP noted limitations to remittances by data source, however, as a practice of some remittance centers abroad is to course remittances through correspondent banks
. Most of these correspondent banks
are in the US.
But the facts in the Danske Bank case - including that at least one of the correspondent banks
had money-laundering concerns in 2013 that led it to cease working with Danske Bank - raise the prospect that authorities may scrutinize their roles.
By acquiring its SWIFT Service Bureau, INTL FCStone's network of more than 350 correspondent banks
can access the full portfolio of SWIFT products and services, which eliminates operational costs and the need for in-house SWIFT expertise.
In response to BitOasis, Emirates NBD said that it "does not prohibit customers from undertaking transactions involving blockchain-based trading platforms including transactions with BitOasis, other similar companies or any Bitcoin transactions." The bank added: "Emirates NBD does however have policies, systems and controls to detect and prevent financial crime including money laundering, terrorist financing and breaches of international sanctions in line with its regulatory obligations and the expectations of our correspondent banks
Danske Bank on December 22 was charged with having violated the stipulations of Danish anti-money laundering legislation on the monitoring of transactions to and from correspondent banks
and was issued a fine of 1.7 million euros.
The system reduces the external banking fees of the correspondent banks
and reduces the period of settlement, as well as increasing confidence among the customers.
The situation has brought about two immediate effects: more time is needed to process documentary trade instruments like LCs within the already-limited timelines set out in the Uniform Customs and Practice for Documentary Credits (UCP) rules, and a potential reluctance to work with certain counterparts, such as gaming industry companies, or with correspondent banks
in certain countries, including some of those located in the Caribbean, South America or Switzerland.
22 (SUNA) the Ggovernor of the Central Bank of Sudan, Hazim Abdul Gader, met during his current visit to the United Arab Emirates with a number of correspondent banks
in Sudan in order to make the most advantages of the lifting of the US economic sanctions.
But despite these stringent and robust measures, many Arab banks complain that the relations with correspondent banks
in New York are still below expectations.
"Despite the efforts to reduce the level of dollarization in the domestic banking system, Angola will continue to rely heavily on correspondent banks
for international transactions."
Receiving this award is acknowledgment for being one of the top correspondent banks
and it reinforces our reputation as a market leader in operations and service quality."