Key Details

Duration: 3 Hour Virtual Tutorial
Method: Virtual
Price: 499 GBP per person
23 Feb 2021
Delivery Times:
  • 23 Feb 2021 (14:00 - 17:00)

Overview

Financial crime is a key risk for all financial institutions and money laundering is arguably the most crucial risk within financial crime. Correspondent Banking represents a high risk area of money laundering for any financial institution which uses Correspondent Banking services through a respondent bank.This half day course addresses the...

Financial crime is a key risk for all financial institutions and money laundering is arguably the most crucial risk within financial crime. Correspondent Banking represents a high risk area of money laundering for any financial institution which uses Correspondent Banking services through a respondent bank.

This half day course addresses the key Anti-Money Laundering (AML) risks that arise when using Correspondent Banking services, including the nature of the risks and how to recognise and mitigate those risks.

Who is this for?

This programme is appropriate for anyone needing to know more about Correspondent Banking and AML risks.

The course is designed for Compliance and/or Audit staff within FCA-authorised firms who are involved in identifying and controlling AML and CTF risk as it occurs within Correspondent Banking relationships. It is particularly suitable for junior Compliance staff (typically those with 1-3 years of experience) who wish to further develop their knowledge and professional skills.

Introduction to correspondent banking

  • What is correspondent banking
  • What are the types of correspondent banking
  • Enforcement actions

Correspondent banking money laundering risks

  • Introduction
  • Jurisdiction risk
  • Wire transfers
  • Pouch services
  • Pass through accounts
  • Nesting

Correspondent banking AML controls

  • Governance
  • Due diligence
  • Verification of identity, ownership and management
  • Review of the respondent’s AML controls
  • Risk assessment and rating
  • Monitoring
  • Staff training

After attending this course, participants will be able to:

  • Explain the Correspondent Banking concept and how it works
  • Identify key Correspondent Banking risks and their red flags
  • Describe and advise on the application of appropriate AML controls for Correspondent Banking relationships.