FSB looks to halt correspondent banking decline
Board says it is making progress across four fronts
Correspondent banking is on the retreat in many parts of the world, but the Financial Stability Board (FSB) is looking to reverse the trend.
Reporting its progress to the G20 on August 25, the FSB said it was making progress on four fronts, with a series of measures relating to data-gathering, clarity of regulation, better local capacity and improved tools for banks' due diligence.
Correspondent banking involves one bank (the correspondent) holding deposits owned by other banks (the respondents)
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