- The Strategist - https://www.aspistrategist.org.au -
Banks ‘de-risking’: a threat to national security?
Posted By Susan Mason on June 23, 2017 @ 12:30
'The phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk in line with the FATF’s risk-based approach.'
Article printed from The Strategist: https://www.aspistrategist.org.au
URL to article: https://www.aspistrategist.org.au/banks-de-risking-threat-national-security/
[1] defined: http://www.fatf-gafi.org/publications/fatfgeneral/documents/rba-and-de-risking.html
[2] trend of wholesale de-risking: https://www.swiftinstitute.org/2016/01/is-a-risk-based-approach-to-aml-paving-the-way-for-wholesale-de-risking/
[3] global surveys : http://www.worldbank.org/en/topic/financialmarketintegrity/publication/world-bank-group-surveys-probe-derisking-practices
[4] forcing of transactions through unregulated channels: http://www.worldbank.org/en/news/press-release/2015/11/20/world-bank-surveys-confirm-concerns-over-reduced-access-to-banking-services
[5] ‘shadow banking’: http://www.fatf-gafi.org/publications/fatfgeneral/documents/danger-illicit-markets-financial-exclusion.html
[6] establish and sustain groups: http://www.austrac.gov.au/publications/corporate-publications-and-reports/terrorism-financing-australia-2014#features
[7] obvious risk: http://www.terrorismanalysts.com/pt/index.php/pot/article/view/279/html
[8] referred to: http://aic.gov.au/media_library/publications/tandi_pdf/tandi300.pdf
[9] alleged to have been used to finance terrorist activities: http://globalsecuritystudies.com/Faith%20Hawala%20FINAL.pdf
[10] hawala: https://www.gdrc.org/icm/hawala.html
[11] role in money laundering and terrorist financing: http://www.fatf-gafi.org/media/fatf/documents/reports/Role-of-hawala-and-similar-in-ml-tf.pdf
[12] transfer of money or value in both the formal and informal sectors: http://www.fatf-gafi.org/media/fatf/documents/reports/mer/MER%20Australia%20full.pdf
[13] FATF Recommendations: http://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF_Recommendations.pdf
[14] regulated by AUSTRAC: http://www.austrac.gov.au/businesses/enrolment-and-remitter-registration/enrolment-and-registration
[15] wholesale blanket ban: http://www.smh.com.au/business/banking-and-finance/after-closing-accounts-westpac-targeting-remittance-business-again-20160523-gp1jof.html
[16] submission: http://www.aph.gov.au/DocumentStore.ashx?id=5e57c9ec-e834-4057-b92d-b8f495b4e738&subId=253519
[17] public hearing: http://parlinfo.aph.gov.au/parlInfo/download/committees/commjnt/5d40dc1b-c28b-49fa-8ed2-0244072200c6/toc_pdf/Parliamentary%20Joint%20Committee%20on%20Law%20Enforcement_2014_09_09_2843_Official.pdf;fileType=application%2Fpdf#search=%22committees/commjnt/5d40dc1b-c28b-49fa-8ed2-0244072200c6/0000%22
[18] Reuters article: http://www.reuters.com/article/australia-remittances-banks-idUSL3N1632JD
[19] regulatory burden of AML/CTF compliance: http://www.antimoneylaunderinglaw.com/2014/11/another-australian-bank-de-risks-and-exits-remittance-business-over-terrorist-financing-regulatory-risks-cites-financial-inclusion-as-repercussions.html