A new report by the General Council for Islamic Banks and Financial Institutions (CIBAFI) said the decline of correspondent banking relationships disproportionately impacts Islamic financial institutions (FIs). Reports in Reuters on Monday (April 16) said CIBAFI’s analysis reinforces concerns that the decline in correspondent banking activity...
Post-financial crisis regulations have forced banks to become more diligent and aggressive against financial fraud, including money laundering. In response to new rules, financial institutions in the U.K. have heightened their practice of de-risking — that is, withdrawing bank accounts or other financial services from...
November 05, 2023
In the banking world, it’s a practice known as “exiting” or “de-risking.” It’s what happens when a bank closes a customer account after flagging suspicious activity to crack down on fraud and other crimes. And according to a Sunday (Nov. 5) New York Times (NYT) report, it’s led to an increasing number of consumers and […]
