Offering an update to an article in Payments Compliance – provider of regulatory, legal and compliance information and news – the CEO of Crown Agents Bank, Richard Jones, affirms that the bank is bucking the recent trend of de-risking in the Caribbean.
The Caribbean has borne the brunt of banks’ retrenchment worldwide. Financial institutions in the region are finding their vital correspondent relationships with global (particularly US-based) banks terminated. As a result, economies risk being cut off from global money centres abroad. One particular case is Guyana, where, the article notes, there are “fears that international flows of funds could grind to a halt”.
However, Jones notes that the bank “remains active in the Caribbean”, and “often targets financial institutions that have trouble accessing services from other providers if they can demonstrate sufficiently strong compliance programmes and practices.” He explains that having been “active in the Caribbean since 1833, Crown Agents Bank is proud to be able to offer this service to banks in Guyana that meet due diligence standards”.
The article can be read here (with a subscription).