AML Risks in Correspondent Banking: What You Need to Know for 2019
Correspondent banking relationships have become a hot topic with BSA/AML over the past few years. The U.S. Treasury Department has placed more importance on the examination of correspondent banking relationships and has added more guidance related to the issues of "de-risking" (terminating/exiting current correspondent banking relationships). This training session will highlight why it is essential to know the risks related to correspondent banking relationships, the regulatory guidance issued for maintaining these relationships and the concept that financial institutions can always make a business decision as they see fit.
Why Should You Attend:
There are many risks related to acquiring, maintaining and supervising correspondent banking relationships which employees and management of financial institutions need to be aware of. 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 understands correspondent banking regulations and guidance. In this webinar, attendees will learn the risks and responsibilities for maintaining a correspondent banking relationship in 2019.
Areas Covered in the Session:
- Knowing the risk of correspondent banking
- The responsibilities of the correspondent and respondent bank
- US regulations dealing with correspondent banking
- Financial Action Task Force (FATF) recommendations on correspondent banking
- Know your customer/customer due diligence for correspondent banking
- When to perform enhanced due diligence
- What is nesting
- Knowing the customer's customer
- Communications between the correspondent bank and the respondent bank
- OFAC responsibilities of correspondent banking
Who will Benefit:
- BSA/AML Officers
- Compliance Officers
- Enterprise Risk Managers
- Bank Compliance Officers and Assistants
- Bank Secrecy Act Officers and Assistants
- Bank Secrecy Act Analysts
- Credit Union Compliance Officers
- Internal Auditors
- Risk Managers
- Staff with BSA/AML oversight responsibilities
- Anyone who deals with correspondent banking risk
Tom Nollner has over 35 years of experience in the banking regulatory field. His experience includes 30 years as a National Bank Examiner for the Office of the Comptroller of the Currency, United States Treasury and 5 years as an international banking consultant. He has a proven track record in assisting financial institutions regarding capital adequacy, asset quality, management issues, earnings concerns, and liquidity. In addition, Tom is a consumer specialist focusing on developing and instituting risk management processes, and in implementing anti-money laundering related programs and policies.
Tom has developed and presented numerous training programs focusing on banking issues, to regulatory authorities, government bodies, and the staff of financial institutions in countries in North America, Asia, the Middle East, the Caribbean, and South America. In addition, he has developed banking policies and examination procedures for regulatory authorities, and assisted Financial Intelligence Units and Central Banks with improving existing banking laws and regulations.