Key Details
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
