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Please Define: Domestic Correspondent Account

Answered by: 
Ken Golliher

Question: 
In regards to BSA, I need to understand the definition of a Domestic Correspondent Account as it is referenced on pg 217 of the BSA/AML Examination Manual.
Answer: 

The focus is on the services offered by your bank. Do you offer correspondent accounts to domestic (U.S.) banks and/or foreign (non U.S.) banks? The latter would involve higher risk, but even domestic correspondent relationships would require your institution to have some knowledge of your respondent banks' BSA compliance programs.

First published on BankersOnline.com 1/2/06

First published on 01/02/2006

Filed under: 
Compliance
Security
Filed under compliance as: 
IT
Filed under security as: 
IT

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