Key Details
Duration: 1 Day
Available: In-House only
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, participants 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.