In light of the ever-lasting attempt to share and spread the knowledge and insights, ECOVIS ProventusLaw is launching a new podcast, dedicated to everyone interested in the topics related to both international and Lithuanian legal issues.
You can find the podcast on Spotify.
The first episode is called How can European Financial Institutions Access the US Financial System?, and is a part of RegRally, a new concept created by ECOVIS ProventusLaw, and dedicated to the professionals of both business- and private sectors, working in the ever-changing field of FinTech.
Every Financial Institution (Electronic money institution (EMI), Payment institution (PI), Bank) has ambitions to grow their businesses and offer their customers the best value.
The ambition to move money around the globe is tempting. Yet when the reality hits, it no longer seems so easy: different legal frameworks, extents of regulatory requirements, as well as AML / CTF regimes across various jurisdictions might seem overwhelming.
It is no secret that the US dollar (USD) is the number one currency in international trade. However, it is commonly thought that only large banks are privileged to have access to it.
In the first episode of the podcast, we try to bust this myth by:
– explaining how recent enforcement actions in the United States have caused U.S. banks to perceive certain correspondent banking relationships as risky.
– outlining the steps a Financial Institution can take to address this perception and access USD through a correspondent banking relationship.
Hope the episode is useful to you!