The Financial Stability Board (FSB) published on 25 August 2016 its Progress report to the G20 on the FSB action plan to assess and address the decline in corresponding banking. The progress report is being submitted to the G20 Leaders’ Summit in Hangzhou on 4-5 September 2016, as requested by G20 Finance Ministers and Central Bank Governors in their communique following their July 2016 meeting in Chengdu.
The report describes progress in taking forward the four-point action plan published last November by the FSB:
- Further examining the dimensions and implications of the issue;
- Clarifying regulatory expectations, as a matter of priority, including more guidance by the Financial Action Task Force (FATF);
- Domestic capacity-building in jurisdictions that are home to affected respondent banks;
- Strengthening tools for due diligence by correspondent banks.