IIF/BAFT Comment Letter on Correspondent Banking

On February 22, the IIF and BAFT submitted comments to the Basel Committee on revisions to standards for correspondent banking. The response emphasized the need for careful examination of risk indicators in correspondent banking, alongside review of factors concerning the use of KYC utilities for the standardization of customer due diligence information. The comment letter builds on previous work of the IIF with the FATF in this area.'