The Financial Stability Board (FSB) has published a report to the G20 concerning the progress made on its action plan to assess and address the decline in correspondent banking. The report notes that substantial progress has been made towards implementing the FSB’s action plan including that the Committee on Payments and Market Infrastructures published in July 2016 the final version of its report on correspondent banking with recommendations relating to: (i) know-your-customers utilities; (ii) use of the legal entity identifier (LEI) in correspondent banking; (iii) information sharing initiatives; (iv) payment messages; and (v) use of the LEI as additional information in payment messages.

A more comprehensive progress report will be published by the end of this year.

View FSB publishes progress report to G20 on action plan to assess and address the decline in correspondent banking, 25 August 2016