Authorities Urged To Tackle Cross-Border De-Risking Crisis

A Financial Stability Board (FSB) report has called for regulatory clarity and intervention by authorities to help reverse the trend of de-risking by banks, which it says is harming the “vital” cross-border payments industry worldwide.

According to the FSB, which is supported by the G20 group of major economies and chaired by Bank of England governor Mark Carney, a combination of regulatory uncertainty and huge penalties has prompted banks to terminate or restrict accounts for fund transfer businesses.

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