Analysis from the field.
Who pays when a correspondent leaves
A global bank closes a respondent account in a four-minute committee item and books it as portfolio management. The cost surfaces years later on the desk of a supervisor in Douala or Abidjan who was never consulted and has no instrument to answer with.
Read18 June 2026 · CRYPTOWhat a public ledger will not tell you about a stablecoin payment
Stablecoins carried 84 percent of recorded illicit on-chain volume in 2025, and every one of those transfers is permanently visible to anyone with a laptop. That combination explains far less about how these investigations actually run than most compliance committees assume.
Read4 June 2026 · SUPERVISIONThe file is ready, the control is not: what supervisors test in the second line
Internal governance produced 17% of the qualitative measures issued in the ECB's 2025 SREP, and not one significant institution scored better than 2- on that element. The reason is not missing policies; it is that institutions assemble a presentable file where supervisors test an operating control.
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