BIS’ Committee on Payments and Market Infrastructures (CPMI) has issued a consultative report on correspondent banking. The report reviews certain technical measures relating to:
- know-your-customer utilities to provide a central repository for information;
- increased use of the Legal Entity Identifier;
- information-sharing mechanisms; and
- improvements in payment messages.
Following a detailed assessment of the advantages and disadvantages of each of these technical measures, the report puts forward four related recommendations for industry and authority consideration, and considers the Wolfsberg Group may be best placed to take these forward. CPMI seeks comments on the recommended technical measures by 7 December 2015. (Source: CPMI Consults on Correspondent Banking)