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Enhanced Monitoring of Correspondent Banks

Answered by: 
Hussam A Al-Abed

Question: 
Any guidance on completing a worksheet for enhanced monitoring of correspondent banks would be appreciated. Specifically risk factors to watch...what would be the most critical? How can correspondents be monitored in a timely fashion when call reports come out quarterly?
Answer: 

Those Areas should be covered :
Special Due Diligence for Correspondent Accounts

  • What are the risk indicators for correspondent banking?
  • Inadequate due diligence risk
  • Jurisdiction risk
  • Inadequate AML/CTF standards and supervision
  • Increased chance of high-risk clients
  • Different risks in different jurisdictions
  • Inadequate and/or inappropriate due diligence assessments
  • Product/service risk

    First published on BankersOnline.com 8/22/11

    • First published on 08/22/2011

    Filed under: 
    Security
    Filed under security as: 
    Due Diligence

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