Is Bank De-Risking Choking Caribbean Growth Prospects?

Richard Wiedis, Diaz Reus Washington Partner, and Javier Coronado, Associate Attorney at Diaz Reus Bogota, explain: “Global financial institutions (GFIs) are increasingly terminating or restricting correspondent relationships with Caribbean banks based on their concerns about the costs of complying with AML/CFT regulations, including customer due diligence and know-your-customer requirements.