Regulatory Overload Leading to Consolidation in Florida's $2 Billion International Banking Industry.The Economic Impacts of International Banking in Florida and Industry Survey Results
MIAMI Miami, cities, United States
Miami (mīăm`ē, –ə).
1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. , June 7 /PRNewswire-FirstCall/ -- Florida International Bankers Association (FIBA) -- a Miami based trade association of international banks that includes six of the 10 largest banks in the world as well as the offices of most of the major banks of Europe, the U.S. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. -- has expressed concern at the $1 billion decline in the economic impact of international banking since their last industry survey in 2001.
Key Findings in Brief The Industry's Major Concerns:
* While Latin America and the Caribbean (the source of at least two-thirds of the demand for international banking services in Florida) have experienced strong macroeconomic mac·ro·ec·o·nom·ics
n. (used with a sing. verb)
The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. growth and significant gains in private wealth since 2002, international private wealth management and international correspondent banking activity have remained relatively flat in Florida. The experience over the last two years suggests that Florida's international banks are losing market share to other international banking centers.
* According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. senior international banking managers, the general loss of market share reflects strong competition from European banks whose anti-money laundering (AML AML - A Manufacturing Language ) compliance requirements strike a better balance between national security and global competitiveness. The explicit and implicit costs of AML compliance are leading some banks with Florida operations to reduce or even withdraw from the international banking services market.
* The total costs of staff resources devoted to AML compliance with recordkeeping, monitoring and reporting requirements increased by 160 percent between 2002 and 2005 to 25 million dollars. The AML compliance costs of staff resources per dollar of deposit increased by approximately the same percentage over this same period as well.
For press interviews and to obtain a copy of the survey, please contact Fedra Ware at 305-579-0086 - firstname.lastname@example.org or 305-610-3300.
CONTACT: Pat Roth, Executive Director, +1-305-579-0086, or Fedra Ware, Communications Manager, +1-305-579-0086, or mobile, +1-305-610-3300, both of Florida International Bankers Association, email@example.com
Web site: http://www.fiba.net/