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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.