KYC initiative could help stem correspondent banking decline

money-laundering

Work is under way to create a regional know-your-customer (KYC) framework within the South Pacific in an attempt to halt the decline of cross-border banking services.

In December 2019, governors from South Pacific central banks gathered in Australia, where they committed to creating a framework that would harmonise governance, technical and legal requirements for a KYC utility.

The idea is that within the next 12 to 18 months, the utility will be established to help banks reduce the cost of

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