Correspondent Banking Masterclass

Correspondent banking enables individuals and corporates to access financial products and services across the globe. Complexities within correspondent banking including reliance on foreign banks and lack of direct contact between correspondent and parties involved makes this service vulnerable to be abused by criminals.

Why take this course

This masterclass is focused at enhancing the knowledge and understanding of delegates on key financial crime risks within correspondent banking through practical examples, real life case studies and end to end root cause analysis of key challenges faces by banks while offering correspondent banking services to their clients. Delegates will be better equipped with a thorough understanding on complex correspondent banking products and services, associated challenges with downstream correspondent banking, respondent due diligence and core techniques on collection and evaluation of information received from correspondent banking relationships.

This masterclass is comprised of blended learning experience including focused evaluation of key regulatory requirements, international best practices as well as real life practical insights by subject matter expert facilitator. Inherent risks within correspondent banking, high risk industry segments, targeted management information, cross-jurisdictional exposure and appropriate transactions monitoring, scenarios building and risk assessment are key topics covered during this masterclass.

  • Compliance Officers
  • Relationship Managers
  • Correspondent Banking Operations
  • Transactions Monitoring Specialists
  • Client Intelligent Unit
  • Overview of correspondent banking
  • Key regulatory requirements & industry best practices
  • Jurisdictional (Market) risk assessment
  • FATF principals & Wolfsberg Guidance
  • Respondent Due Diligence

Delegates of this masterclass shall be assessed through a multiple choice test at the end of the training session. Upon successful completion of this masterclass, delegates will be awarded Sigma Risk certification.

This masterclass may be delivered in person at client premises, at external location or virtually via Zoom or MS Teams.

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Full Suite of Sigma Risk Masterclasses

• Understand applicable regulations
• Third party risk assessment
• Managing conflict of intrest

• Identify key AML risks
• Conduct AML risk assessment
• Build a robust methodology

  • Correct level of due diligence
  • Identification and verification
  • Corroboration of source of wealth
  • Learn about complexity & reliance
  • Downstream banking and nesting
  • Respondent risk assessment
  • Preventing & recovering from a cyber attack
  • Identify key threat actors
  • Understand different types of cyber attacks
  • Understand the risks in gaming
  • Applicable regulatory requirements
  • Proportionate risk assessment

• Understanding digital currencies
• Corroboration of SOF/SOW
• Financial crime risks

  • Law enforcement collaboration
  • Asset tracking and confiscation
  • Suspicion activity reporting
  • Recognize key sanctions regimes
  • Establish screening & monitoring
  • Escalations & reporting
  • Attractiveness to Criminals
  • Discover emerging typologies
  • Identify red flags and warning signs

Sigma Risk have provided a very insightful correspondent banking masterclass to Bank of Valletta p.l.c. that has proved to be excellent in content, delivery and style. Furthermore, the coordination of the training and delivery was seamless and timely. The training was delivered in a thorough manner with real-life case studies and polls, which made the masterclass very interactive.