Cost of AML/CFT regulation could spell trouble for Barbados
Central bank governor urges financial firms to take risk-based approach
The governor of the Central Bank of Barbados has said de-risking could have “dire” consequences for the country’s economy if banks do not alter their AML/CFT frameworks.
Speaking on February 25, Cleviston Haynes noted anti-money laundering and counter terrorist financing regulation had become “more stringent” and the costs of non-compliance “more severe”.
“Some financial institutions, faced with the ever-present risk of loss of correspondent-banking relationships, have chosen to de-risk some
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