AML & CFT Risk Management in Emerging Market Banks. Good Practice Note.

For banks in emerging markets, the regulatory landscape is more complicated than ever. Rules designed to fight money laundering and root out terror finance have made the financial system safer and more resilient but have also increased the cost and complexity of doing business in developing countries—with negative consequences for cross-border trade and the networks that link local commerce with the global financial system.  In response, many global banks operating in emerging markets have simply withdrawn correspondent banking services—everything from making wire transfers to accepting deposits to receiving documents on behalf of other banks.