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Banks that are worried about breaching anti-money laundering and other compliance rules have axed the number of correspondent banking relationships in many regions by more than 10 percent in the past six years, raising concerns about the impact on poorer countries. A survey released by the Financial Stability Board showed that from the start of 2011 to the end of 2016 the number of active correspondent banking relationships globally fell by 6 percent. The decline was more severe for U.S. dollar and euro relationships, which both fell 15 percent.Two years ago the FSB launched an action plan to assess and address the decline in correspondent banking.
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