International payments are cleared and settled mainly through correspondent banks. Correspondent banking is essential to international finance and commerce. It has become more concentrated, negatively affecting market integrity, financial inclusion and economic prosperity. Typically, a correspondent bank has only limited information about the respondent bank’s customers and the nature of their transactions. Unclear regulatory expectations are particularly relevant in the case of requirements on correspondent banks’ knowledge of their respondent banks’ customers – the so-called Know Your Customer’s Customer (KYCC). This lack of clarity may create incentives to accelerate de-risking. The 2021 EU AML Package could provide an opportunity to address this regulatory issue. The analysis focuses on the current framework, suggesting possible changes to the proposed AML regulation under discussion.

Antiriciclaggio “fra pari”: profili critici del Know Your Customer nei rapporti interbancari / G.L. Greco. - In: RIVISTA TRIMESTRALE DI DIRITTO DELL’ECONOMIA. - ISSN 2036-4873. - 2022:1(3)(2022), pp. 136-162. ((Intervento presentato al convegno La Supervisione finanziaria dopo due crisi. Quali prospettive tenutosi a Capri: 17-18 giugno nel 2022.

Antiriciclaggio “fra pari”: profili critici del Know Your Customer nei rapporti interbancari

G.L. Greco
2022

Abstract

International payments are cleared and settled mainly through correspondent banks. Correspondent banking is essential to international finance and commerce. It has become more concentrated, negatively affecting market integrity, financial inclusion and economic prosperity. Typically, a correspondent bank has only limited information about the respondent bank’s customers and the nature of their transactions. Unclear regulatory expectations are particularly relevant in the case of requirements on correspondent banks’ knowledge of their respondent banks’ customers – the so-called Know Your Customer’s Customer (KYCC). This lack of clarity may create incentives to accelerate de-risking. The 2021 EU AML Package could provide an opportunity to address this regulatory issue. The analysis focuses on the current framework, suggesting possible changes to the proposed AML regulation under discussion.
International payments; Correspondent banking; Anti-Money Laundering; Know Your Customer
Settore IUS/05 - Diritto dell'Economia
Università degli Studi di Napoli “Parthenope"
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2434/941031
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