Correspondent Banking and the Associated AML Risks – 2020 Updates for Financial Institutions

OVERVIEW

This webinar will discuss the background of correspondent banking, the positive things your institution can gain from conducting correspondent banking, and the many risks associated with having a correspondent banking line of business. We will discuss international laws and regulations, industry standards, and common business practices related to correspondent banking.

WHY SHOULD YOU ATTEND

There are many risks related to acquiring, maintaining, and supervising correspondent banking relationships which employees and management of financial institution’s need to be aware of and actively manage.

With the enhanced scrutiny by regulators of a financial institution’s compliance program regarding correspondent banking relationships and the trend for financial institutions to rethink their decisions to maintain these relationships, it is important that employees and management of financial institutions are aware of and fully understand correspondent banking regulations and guidance.

This course will discuss the many issues related to KYC, CDD, risk rating, and the suspicious activity process as these relate to maintaining foreign correspondent relationships. In addition, the course will discuss the “de-risking” issue (a bank terminating a foreign correspondent relationship) and other current trends related to foreign correspondent banking.

AREAS COVERED

• Risks related to foreign correspondent banking
• Correspondent Banking US regulations
• Responsibilities of the correspondent and respondent bank
• KYC, CDD/EDD and the suspicious activity process
• FFIEC examination procedures
• How nesting should be addressed by the respondent bank
• The need of on-going communication between the correspondent and the respondent

LEARNING OBJECTIVES

After attending this webinar, you will have a much better understanding of the risks associated with having correspondent banking as a business line for your institution.

You will gain an appreciation for why you might want to conduct correspondent banking, the money-laundering risks you might be exposed to, advantages of correspondent banking, correspondent banking relationships, and some mitigating practices you may want to adopt to prevent your institution from being fined or sanctioned for unlawful practices.

WHO WILL BENEFIT

• BSA/AML Officers
• Risk Managers
• BSA/AML Auditors
• Bank staff with on-boarding responsibilities
• Bank staff with suspicious activity program responsibilities
• Compliance Officers
• BSA.AML Analysts

SPEAKER

Thomas E Nollner has more than 35 years of experience in financial institution supervision and consulting. Mr. Nollner spent 30 years as a National Bank Examiner for the Comptroller of the Currency where he was a safety and soundness examiner and a compliance examiner. As a safety and soundness examiner he examined national banks for capital adequacy, asset quality, management issues, earnings concerns, and liquidity funding.

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Others Details

Gain an understanding of correspondent banking and the regulations surrounding it. The webinar discusses advantages of correspondent banking, correspondent banking relationships, FFIEC examination procedures and more.