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#1978120 - 11/21/14 03:23 PM Foreign Exchange
Tryin-2-Comply Offline
100 Club
Joined: Apr 2003
Posts: 202
Hills of TN
We have a customer who is in need of establishing a Foreign Exchange for Euros. From what i understand, we will sign an agreement with a correspondent bank who will convert the euros to dollars and then the funds will be deposited to their account. I am not sure i understand how this works as we have never encountered this before and what BSA/AML issues do we need to consider. We know the customer and understand the need. I've done some reading, but still need some guidance. Any input is greatly appreciated.

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#1978163 - 11/21/14 04:18 PM Re: Foreign Exchange Tryin-2-Comply
Xian Ngyuen Offline
100 Club
Joined: Aug 2013
Posts: 221
Guidance on what topic? What is it that leaves you feeling uncertain?

As I read your post 'a customer needs to convert EUR to USD' is sort of the punchline to a longer story. How/why does the customer receive EUR in the first place? Do they have a EUR denominated, or multi-currency account on your institution or another institution?

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