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Aug 4, 2015

Atlantic International Remains Without Correspondent Bank

There is other news in the financial sector which is also affecting banking transactions overseas in the offshore industry. Atlantic International Bank, which formally severed ties with Bank of America last Thursday, is still without a correspondent bank.  As we reported recently, despite marked improvement in compliance with banking regulations, U.S and European correspondent banks are withdrawing business from within the region because of money laundering and terrorism prevention.  While Atlantic International has declined comment on the issue, we asked Central Bank Governor, Glen Ysaguirre, this afternoon for his take on the matter.


Glenford Ysaguirre

Glenford Ysaguirre, Governor, Central Bank

“I think the situation is what it is and I think Atlantic International has been very open with its customers to inform them by way of that letter on its website and they may have contacted their customers directly, those that would have been impacted, to inform them of the development.  I am aware that the bank is very active in seeking new relationships and I am hopeful that they would be able to do so in a reasonable period of time.  I know that in the current environment it takes a while for you to establish new relationships and unfortunately the banks that are de-risking are not giving you that amount of time.  They are probably giving you at the most three months notice and maybe with some appeal you would probably get an extension here and there but that is hardly sufficient time for banks to establish new relationships unfortunately.  So it’s a very difficult situation for banks in Belize that have lost relationships.  Fortunately for some they have more than one relationship and it doesn’t disrupt their business.  I am hopeful that Atlantic International would be able to establish a relationship very shortly.”


According to the Central Bank, no other financial institutions are presently at risk of losing correspondent banks.

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