Some loop holes being closed (and about time )

FYI Aus Aviators :)

As this year’s SIBOS approaches, it seems one of the major concerns
for bankers at last year’s conference will be addressed shortly –
improving the transparency of cover payments.

A cover payment is a transaction in which an originating bank does not
have a settlement relationship with a beneficiary’s bank in another
country and does not have a correspondent bank in that country, so has
to go through a covering party. Presently, some information is
conveyed to the beneficiary bank but not to the covering party,
hindering its ability to carry out AML checks.

“In SIBOS last year, a lot of people were talking about it. There were
a number of solutions being explored, but nothing finalised at that
point,” says Abdul Raof Latiff, executive director and head of
clearing and foreign exchange at JPMorgan Treasury Services Asia
Pacific.

On Wed, 20 Aug 2008 06:07:46 -0700 (PDT), Pits gmail.com>
wrote:

On Aug 22, 6:04 pm, Coop chariotnose.netwheel.au> wrote:

Coop wrote:

On Tue, 26 Aug 2008 05:55:49 -0700 (PDT), Pits gmail.com>
wrote: