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A leading official in the banking sector is urging the region’s governments to work with international banks to decrease the impact of a new financial trend.

Caribbean countries are among nations whose banks are currently being de-risked by international banks. New regulations have pushed financial institutions around the world to start de-risking or severing ties with corresponding banks in order to avoid money laundering or other risky behavior.

Regional Manager for First Citizens Investment Services Carole Jn Marie says regional governments need to assess the de-risking situation and start communicating with foreign banks and regulators.

Jn Marie says de-risking does not pose a major loss for the international banks. However, this process has a major impact on the region.

The issue was discussed with the press at the organization’s headquarters on Tuesday morning.
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