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Oct
16

Trust gives way to de-risking

From: Gulf Banking News

If the level of risk management is excessive, it interferes with legitimate business activity

Abdul Aziz Al Ghurair, Special to Gulf News

Banking as a business used to be less complicated. There were fewer regulations, and the choice of services was simple compared with the myriad now on offer. Trust was a central pillar in an individual’s or company’s relationship with their bank.

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But there is a small glimmer of light in all of this. Some elements in the US regulatory community are themselves beginning to consider whether de-risking might have overshot its mark. Earlier this year theWall Street Journal reported that the US Comptroller of the Currency had acknowledged that decisions to terminate relationships with foreign correspondents for fear of money laundering or cyber threats could have “regrettable consequences.”

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