Your bank is responsible for selecting and monitoring its Correspondent Banks!

Challenge

Regulators make very clear that banks can’t rely on the correspondent banks unless they have undertaken their own detailed assessment of the banks AML/Sanctions regime.

Allowing correspondent banks to launder money through your bank is a serious regulatory failing and will open up multi-jurisdictional investigations.

Maestro-Solution

GRC-Maestro helps ensure banks have the processes, checks, controls and management oversight required to ensure banks are fully compliant.

Using GRC-Maestro, banks can evidence full compliance with statutory/regulatory rules, best practices and internal controls:

New Correspondents

Before opening a Correspondent Banking relationship, it is necessary to undertake detailed "Super Enhanced Due Diligence" to verify the bank's ownership, regulatory status, regulatory history, internal AML governance and AML operations. Furthermore, the AML responsibilities between the bank and their correspondent have to be formally recorded.

Periodic Correspondent Monitoring

Ensuring there are no material changes to the Correspondent Bank's characteristics since the last review, including: ownership, regulatory status, regulatory sanctions, senior management and AML controls.

Investigating & Resolving Incidents

When exception events occur (suspicious activities, ownership changes, regulatory sanctions, law enforcement enquiries/investigations amongst others) these need to be reported, investigated, appropriate action taken and resolved.

GRC-Maestro

Prove Compliance – Evidence your Governance, Risk & Compliance (GRC)

Automate GRC – Run manual checks and processes automatically

Low Cost – Quick and easy to use + low pricing