Correspondent Banking AML Certificate

CERTIFICATE OVERVIEW:

The risks posed by correspondent banking are of concern to regulators, bankers, and broker-dealers in securities alike. U.S. financial institutions have faced severe penalties as a result of their foreign correspondent banks having weak BSA/AML compliance programs. The Correspondent Banking AML Certificate provides a practical application of the regulatory requirements, with a particular emphasis on nested accounts.

The Correspondent Banking AML Certificate is designed for both U.S. financial institutions offering correspondent banking as well as for foreign financial institutions which have or are seeking a U.S. correspondent banking relationship. U.S. financial institutions will acquire practical knowledge to apply to their compliance program, while foreign financial institutions will have a better understanding of the correspondent relationship; thus enabling them to demonstrate to their U.S. correspondent bank their compliance program to respond to contract requirements.

AREAS to be covered:

• History and Regulatory Expectations
• Definition of Foreign Correspondent Banking
• Certifications & Re-certifications
• FFI Risk Rating Methodology
• Due Diligence Programs
• Transaction Monitoring
• Case studies – group work
• Screening Requirement: 311 & OFAC
• Contract Items Considerations