Kenneth Rijock

Kenneth Rijock

Monday, June 12, 2017

NEW REMEDY FOR CARIBBEAN BANKS THAT HAVE LOST US CORRESPONDENT BANKING RELATIONSHIPS



If you read my recent article, Here is the Solution to your KYCC/Correspondent Banking Conundrum*  (March 2, 2017), you know that many Caribbean financial institutions have lost their American correspondent relationships, due to what the media refers to as "de-risking," forcing them to seek alternative arrangement in Europe, which has resulted in increased transaction costs, as high as 300%.

Banks in other regions of the developing world are also reporting that their US banking relationships have been terminated, and everyone is looking for a solution that is not prohibitively expensive for clients. Using a European bank, or non-bank financial institution to route US transactions, can result in serious delays, which may cause clients to move their business to the competition.

Fortunately, there is a solution. A very limited number of American banks, which use a Know Your Customer's Customer (KYCC) system, offer those Caribbean banks, who have recently lost all their US bank correspondents, a new relationship, to replace those which have been terminated.

Any reader that wants further information about those banks can email me at miamicompliance@gmail.com   or inquire direct at info@grada.io  . I realize that the loss of a correspondent banking relationship is a sensitive issue, and all inquiries will be held in confidence.
______________________________________________________________
*rijock.blogspot.com/2017/03/here-is-solution-to-your.html

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.