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Finance

Australia, U.S. to tackle Pacific's fall in correspondent banks

'Worrying trend' hurts financial access, stability in region, U.S. official says

The Reserve Bank of Australia: The central bank says the decline in correspondent banks serving the Pacific is due to streamlining and counterterrrorism and anti-money laundering efforts.   © EPA/Jiji

SYDNEY -- Top officials from Australia and the U.S. have pledged to help Pacific countries tackle a steep decline in the number of correspondent banks, with the region hit hard by a global de-risking trend.

On Tuesday, Australian Treasurer Jim Chalmers announced 6.3 million Australian dollars ($4.2 million) toward efforts to counter the drop in correspondent banking services, which allow local banks to access the global financial system via international banks.

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