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?
Those Areas should be covered : Special Due Diligence for Correspondent Accounts
What are the risk indicators for correspondent banking?
Inadequate due diligence 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