Committee on Payments and Market Infrastructures Correspondent PDF

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Committee on Payments and Market Infrastructures Correspondent

Committee on

Payments and Market

Infrastructures

Correspondent banking

July 2016

This publication is available on the BIS website (www.bis.org).

translated provided the source is stated.

ISBN 978-92-9197-616-4 (print)

ISBN 978-92-9197-617-1 (online)

CPMI - Correspondent banking July 2016

Executive summary ........................................................................................................................................................................... 1

1. Introduction ..................................................................................................................................................................... 6

2. Developments in correspondent banking ........................................................................................................... 9

2.1 Concept of correspondent banking .............................................................................................................. 9

2.2 Recent developments in correspondent banking ² qualitative analysis ...................................... 11

2.3 SWIFT data analysis ² quantitative analysis ............................................................................................. 13

2.3.1 Data description .......................................................................................................................................... 13

2.3.2 Results ............................................................................................................................................................. 14

3. Potential measures to facilitate correspondent banking services ............................................................ 18

3.1 General considerations ..................................................................................................................................... 18

3.2 KYC utilities ........................................................................................................................................................... 19

3.3 Legal Entity Identifier (LEI) .............................................................................................................................. 23

3.3.1 General information on the LEI ............................................................................................................. 23

3.3.2 LEI and correspondent banking ............................................................................................................ 24

3.4 Information-sharing .......................................................................................................................................... 27

3.5 Payment messages ............................................................................................................................................ 32

3.5.1 General considerations ............................................................................................................................. 32

3.5.2 Message flows ............................................................................................................................................. 33

3.5.3 Usage of the LEI as additional information in payment messages ......................................... 38

4. Conclusions ........................................................................................................................................................... 39

Annex 1 ² References .................................................................................................................................................................... 41

Annex 2 ² Glossary.......................................................................................................................................................................... 43

Annex 3 ² SWIFT data analysis ................................................................................................................................................... 47

Annex 4 ² Members of the CPMI Working Group on Correspondent Banking ..................................................... 58

Abbreviations

AML/CFT Anti-Money Laundering and Countering the Financing of Terrorism

AMLEG BCBS AML/CFT Expert Group

BCBS Basel Committee on Banking Supervision

BIC Business Identifier Code

CBCG FSB Correspondent Banking Coordination Group

CLS CPMI

Continuous Linked Settlement

Committee on Payments and Market Infrastructures

ECB European Central Bank

ECC BIS Economic Consultative Committee

FATF Financial Action Task Force

FMI Financial Market Infrastructure

FSB Financial Stability Board

GLEIF Global LEI Foundation

GPFI Global Partnership for Financial Inclusion

G-SIBs Global Systemically Important Banks

ISAE International Standard on Assurance Engagements ISO International Organization for Standardization

KYC Know-your-customer

LEI Legal Entity Identifier

LEI ROC

LOU Legal Entity Identifier Regulatory Oversight Committee Local Operating Unit (for the issuance and management of LEIs)

OFAC Office of Foreign Assets Control

PMPG Payments Market Practice Group

SME Small and Medium-sized Enterprise

SWIFT Society for Worldwide Interbank Financial Telecommunication

CPMI - Correspondent banking July 2016 1

Executive summary

Through correspondent banking relationships, banks can access financial services in different jurisdictions

and provide cross-border payment services to their customers, supporting international trade and financial

inclusion. In view of the importance of correspondent banking, the keen interest of central banks in this

activity and any threats to its safe and efficient functioning, the Governors of the BIS Economic Consultative

Committee (ECC) have mandated the CPMI to produce a report on this issue. In response, the CPMI Working Group on Correspondent Banking has prepared this technical report describing current trends

and analysing measures that might alleviate some of the concerns and cost issues related to correspondent

banking. Banks have traditionally maintained broad networks of correspondent banking relationships, but

there are growing indications that this situation might be changing. In particular, some banks providing

these services are reducing the number of relationships they maintain and are establishing few new ones.

The impact of this trend is uneven across jurisdictions and banks. As a result, some respondent banks are

likely to maintain relationships, whereas others might risk being cut off from international payment

networks. This implies a threat that cross-border payment networks might fragment and that the range of

available options for these transactions could narrow. In addition, an analysis using SWIFT data shows that there seems to be a trend towards concentration in correspondent banking activities. Rising costs and uncertainty about how far customer due diligence should go in order to ensure

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