From the Venetian lenders of the 14th century right through to the modern era of international finance ushered in by the launch of Society for Worldwide Interbank Financial Telecommunications (Swift) in the 1970s, correspondent banking has acted as the bedrock for the spread of global commerce and trade, providing a nexus for banks, businesses and individuals in all parts of the world to access the international financial system.
Yet, with openings have come risks: from its earliest days, the greater global connectivity brought about by correspondent banking brought with it opportunities for money-laundering and the funding of illicit activities on an international scale.