Global banks urged to demand transparency or close accounts
My way or the highway: global banks should use the threat of cutting local services to extract required information on end-users, say Citi and Commerzbank
Global banks should threaten to shut down murky accounts if cultural differences with their partners or local units prevent clarity on the ultimate beneficiaries of their services, according to executives at Citi and Commerzbank.
Speaking at Swift's Business Forum London on April 23, Commerzbank's head of regulatory services Thomas Piontek said that if a correspondent bank refused to provide
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