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