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Banks began processing international renminbi payments through China’s new cross-border interbank payment system (Cips) sparking wide acclaim from participants.
When “know your client” rules for correspondent banking went live, banks responded by exiting countries and products en-masse. New onboarding and database tools should help to reverse this worrying trend.
Treasurers should watch out for these red flags from counterparties, according to fraud experts from international forensic accounting firm MDD.
Registered users on SWIFT’s new interbank know your customer (KYC) database have seen a rapid rate of adoption for the new tool.
PBoC changes deposit reserve calculation for banks; APEC ministers commit to standard tax and trade barriers; Basel III monitor shows banks largely compliant
Vietnam Bank for Agriculture and Rural Development has signed up for Swift’s Know Your Customer (KYC) Registry. Similar initiatives could help treasurers get onboarded with banks faster.
The European Commission’s tax "blacklist" issuance last week has not held up under examination and backpedaling ensued.
Both Hong Kong and the OECD have spoken back about HK’s inclusion by the European Commission on a blacklist of non-cooperative tax jurisdictions.
Surveys show 74% of corporates with renminbi exposures cite CIPS delays as their most important regulatory concern, while others identify deregulation.
An EY study seen by CT shows the data forming Hong Kong’s policy to become a destination for corporate treasury centres.