what type of analysis regarding BSA does anyone do for correspondent banks? I know they are exemption eligible but what type of back up documentation should i get, besides financial statements, to satisfy requirements??

Off the top of my head:
License,
Who regulates them,
Recent review,
AML Policy,
Customer base,
Expected use of products/services
Key Mgmt.
Board Members
Shareholders (if applicable)with more than x% of stock
OFAC/sanctions list screens on the above (managers, board, shareholders.)
negative news searches
D&B
Lexis-Nexis
subsidiaries and affiliates

I'm probably forgetting something...