Significant progress has been made since then, for instance, in establishing the rules and building institutions, as you just heard. But much remains to be done. Making banks resolvable is clearly a journey. The key challenge is to stay the course. Today, I would like to give you my perspective as a central banker on bank resolution.
In the recent past, several international banks have been fined heftily for shortcomings in their AML/CFT controls and processes. As this line of business carries high volume but a thin margin, many banks have reconsidered their involvement in correspondent banking services.