Correspondent Banking

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. Correspondent Banking masterclass is designed to enhance the knowledge of participants supported by real-life examples, case studies, scenarios and group exercises.

Learning Objectives

This masterclass will assist the participants to understand Correspondent Banking, its complexities and attractiveness to criminals, assessment of financial crime risks and best practices.

Course Outline

Correspondent banking masterclass is designed to ensure that participants learn theoretical as well as practical knowledge on performing a thorough risk assessment of correspondent banking clients through unwrapping various real-life case studies, understanding regulatory requirements and application of risk based approach.

Session 1

  • Introduction
  • The regulatory world since the global financial crises (key events, regulatory developments, fines)
  • The real cost of financial crime
  • What is correspondent banking

Session 2

  • Inherent risks within correspondent banking
  • Regulatory expectations
  • FATF Recommendations
  • Case Study

Session 3

  • Wolfsberg Correspondent Banking Due Diligence Questionnaire
  • Understanding Due Diligence Complexities
  • Case study

Session 4

  • Challenges within ongoing monitoring
  • Performing an on-site risk assessment
  • Case study
  • Q&A
Course Format

Masterclass may be delivered in-house at the client site (minimum 10 participants) or through virtual classrooms for smaller groups or individual clients.

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