Correspondent Banking relationships are vulnerable to money laundering and terrorism financing because they involve a bank carrying out financial transactions on behalf of another bank’s customers.
Correspondent Banking due diligence or KYC (CB-KYC) is a vital and particularly challenging business process.
However, CB-KYC is a time-consuming and largely manual process that requires the attention of experienced analysts in the desk-based research, sifting, review and recording of Correspondent Bank questionnaires and policies and the performance of other AML checks and verifications (and evidence-of-check) leading to the eventual AML risk determination.
Our clients leverage industry best practices in meeting their regulatory and business risk management requirements, enjoy process efficiencies and economies of scale cost savings while relieving their staff of burdensome administrative overhead, freeing-up time for more customer facing and revenue generating activities.
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