Maestro-Solutions for

Correspondent Banks

Your bank is responsible for selecting and monitoring its correspondents!

The FATF Guidance on Correspondent Banking Services details recommendations for minimizing the AML/Sanctions risk from Correspondent Banks.

Banks are responsible for ensuring their Correspondent Banks have comprehensive AML/Sanctions procedures and have implemented them. As part of the management of Correspondent Banks, a bank must address the following:

  1. Business Profile – Gather information on their Correspondent Bank’s business
  2. AML/Sanctions Controls – Assess the adequacy and implementation of Correspondent Bank’s AML/Sanctions controls
  3. Account Opening – Obtain Senior Management written approval for all new Correspondent Banks
  4. AML/Sanctions Responsibilities – Document and have written confirmation of the responsibilities for AML/Sanctions between the bank and their Correspondent

Correspondent Bank relationships have to be periodically reviewed and the information initially collected has to be updated and reassessed.

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding Correspondent Banks AML/Sanctions management.

References

AML Governance

Regulators require firms to draft and implement detailed policies, procedures…

AML Risk Evaluation

Regulators require firms to undertake a periodic AML Risk Evaluation to…

AML Monitoring

Regulators expect firm to ensure their procedures and controls to…

AML/Sanctions: Correspondent Banks

The FATF/Wolfsberg have detailed checks on Correspondents…