Recent banking research (“the Research”) from Accuity, the global financial crime compliance, payments and KYC solutions provider, has revealed that between 2009 and 2016, correspondent banking relationships, where one financial institution provides services on behalf of another in a different location to facilitate cross-border payments, have reduced globally by 25%. This comes despite the fact that global GDP per capita grew during the same period, following the 2008 financial crisis.
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