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

On completion, delegates will be able to:

  • Explain the correspondent banking concept and now it works
  • Identify key correspondent banking risks and their red flags
  • Describe and advise on the application of appropriate AML controls for correspondent banking relationships.