On December 12 in São Paulo, Brazil at the 2nd ABRACAM COMPLIANCE DAY, the International Commission of Associations of Money Transfers Companies, Non-Bank Financial Services Companies, Foreign Exchange Firms and their Agents, CIASEFIM, was formed and a public statement, signed by all the Associations, was published, voicing their extreme concern regarding the negative impacts of “DE-RISKING” in the economic, financial e social areas of several countries in the region. They had met previously in November 11th, as part of IMTC WORLD 2016DE-RISKING & BANK DISCONTINUANCE FORUM” that discussed the impact of this practice in the Money Transfer, Remittance and Payment Industry. The termination of correspondent accounts of foreign financial institutions (FFIs) by US Commercial Banks as well as some these US Banks forcing local bank account closures by their corresponding banks in many countries in the region was also discussed at IMTC WORLD in an afternoon round table on Nov. 10, moderated by Daniel Trias.


The associations that met in Sao Paulo and founded the Commission were the Brazilian Association of Exchange Brokers (ABRACAM) presided by Luciano Hiromitsu Hayata, the Cámara Argentina de Casas y Agencias de Cambio (CADECAC) presided by Mario Ignacio Mochetti, the Asociación de Casas de Cambio del Paraguay (ACCP) presided by Gilberto Rodas Cabrera and the Cámara de Empresas de Servicios Financieros del Uruguay (CESFUR) presided by Waldemar Álvarez.


The main purpose of CIASEFIM is to:

1. Coordinate the development of research on the international transfer of funds, prioritizing the study of the socioeconomic impacts caused by “DE-RISKING” practices;

2. Elaborate uniform, harmonized and standardized institutional policies, depending on the individual practices of their affiliated institutions, aware of the social and humanitarian role that their associates play, taking special attention to the best market practices that strengthen a risk-based approach, in order to avoid disproportionate practices such as the measures taken by international commercial banks that have resulted in the practice of “DE-RISKING”;

3. Keep a permanent communication with association members and the local regulatory bodies as well as international organisms, seeking to contribute effectively in the search for solutions that focus on suitable policies that can be adopted by commercial banks that may ultimately eliminate the “DE-RISKING” practice;

4. Request the immediate involvement of Monetary Authorities and local Regulators in developing a directive aimed at the banking institution they regulate, with the objective of ending the senseless “DE-RISKING” practice as an act of financial and banking exclusion.

Each Association has made the pledge to contact their local regulator as well as all the entities involved in the regulation of financial services (in the country, regionally and internationally) to demand that they takes a direct role in managing the de-risking situation to come up with solutions to stop the bank discontinuance practice. They are demanding that regulators request that the banks that they oversee fulfill their role that they have been licensed to do, which is the provision of a public service, without discrimination, using a risk-based approach that is fair and reasonable and can be monitored by the regulating entity.


The original press release is in Portuguese (Comunicado de imprensa da Comissão) but you can access the English translation here: Commission Press Release. La traducción en español está disponible aquí: Comunicado de Prensa de la Comisión