Print section Print Rubric: A crackdown on financial crime has led global banks to run from risk. That has caused problems for swathes of deserving customers Print Headline: The great unbanking Print Fly Title: Financial derisking UK Only Article: standard article Issue: Why Germany’s current-account surplus is bad for the world economy Fly Title: Rolling up the welcome mat Main image: 20170708_ird001.jpg WHEN some of Latvia’s banks became infected with dirty money, all paid the price. “Correspondent” banks—international banks that clear smaller banks’ foreign-currency transactions through big financial centres—began detaching from the Baltic country. JPMorgan Chase withdrew in 2013. By last year only Deutsche Bank was left. It soon stopped serving half of Latvia’s lenders, and in March began dropping the rest, leaving them at risk of being unable to ...
from Banking Services http://www.economist.com/news/international/21724803-charities-and-poor-migrants-are-among-hardest-hit-crackdown-financial-crime-means?fsrc=rss
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