As a money transfer company, obtaining US Dollar Correspondent Bank relation can be a bit of challenge. And that is putting it mildly.
The US Dollar remains one of the most preferred tradeable currency in the world. Nothing tops the Greenbacks!
Nothing tops the Greenbacks!
Trying to understand why correspondent banking has shut down for many can be challenging. There is a constant battle between the regulators and those that want US Dollar clearing. Reasons are many. From Compliance, to AML to CFT, etc.
A great brief read in the article by Financial World called: Correspondence Closed as Banks Post Changes. It does a great job at explaining why the whole Correspondence Bank relation is in a downward spiral and what is being done about it.
Worth a read.