Key Details

Duration: 1 Day

Delivery method: In-house

Overview

Financial Crime is a key risk for all financial institutions and Money Laundering is arguably the most crucial risk within Financial Crime. Correspondent Banking represents a high area of Money Laundering risk for any financial institution which uses Correspondent Banking services through a respondent bank.This course addresses the key Anti-Money...

Financial Crime is a key risk for all financial institutions and Money Laundering is arguably the most crucial risk within Financial Crime. Correspondent Banking represents a high area of Money Laundering risk for any financial institution which uses Correspondent Banking services through a respondent bank.

This course addresses the key Anti-Money Laundering (AML) risks that arise when using Correspondent Banking services, including the nature of the risks and how to recognise and mitigate those risks.

Introduction to Correspondent Banking

  • What is Correspondent Banking?
  • What are the types of Correspondent Banking?
  • Enforcement actions

Correspondent Banking Money Laundering Risks

  • Introduction
  • Jurisdiction risk
  • Wire transfers
  • Pouch services
  • Pass through accounts
  • Nesting

Correspondent Banking AML Controls

  • Governance
  • Due diligence
  • Verification of identity, ownership and management
  • Review of the respondent’s AML controls
  • Risk assessment and rating
  • Monitoring
  • Staff training

After attending this course, participants will be able to:

  • Explain the Correspondent Banking concept and how it works
  • Explain enforcement actions relating to Correspondent Banking
  • Identify key Correspondent Banking risks and their red flags
  • Describe and advise on the application of appropriate AML controls for Correspondent Banking relationships