{"id":25278,"date":"2013-05-16T14:29:16","date_gmt":"2013-05-16T08:59:16","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=25278"},"modified":"2024-04-12T14:18:04","modified_gmt":"2024-04-12T08:48:04","slug":"anti-money-laundering-policies-of-the-correspondent-bank","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/anti-money-laundering-policies-of-the-correspondent-bank\/","title":{"rendered":"Anti-Money Laundering Policies of Correspondent Banks"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-13.png\" alt=\"Anti-Money Laundering Policies of Correspondent Banks\" class=\"wp-image-91395\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-13.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-13-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n<\/div>\n\n<p><\/p>\n<h3><strong>Anti-Money Laundering Policies<\/strong><\/h3>\n<p style=\"text-align: left;\" align=\"JUSTIFY\">Correspondent banking is the provision of banking services by one bank (the &#8216;correspondent bank&#8217;) to another bank (the &#8216;respondent bank&#8217;). Banks should gather sufficient information to understand fully the nature of the business of the correspondent\/respondent bank. This includes information on:<\/p>\n<ul>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">information on the other bank\u2019s management, <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">major business activities, <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">level of AML\/CFT compliance, <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">purpose of opening the account, <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">identity of any third party entities that will use the correspondent banking services, and<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\"> regulatory\/supervisory framework in the correspondent&#8217;s\/respondent\u2019s country may be of special relevance. <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">ascertain from publicly available information whether the other bank has been subject to any money laundering or terrorist financing investigation or regulatory action. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 1rem; line-height: 1.714285714;\">The responsibilities of each bank with whom the correspondent banking relationship is established should be clearly documented. In the case of payable-through-accounts, the correspondent bank should:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 1rem; line-height: 1.714285714;\">be satisfied that the respondent bank has verified the identity of the customers having direct access to the accounts and is undertaking ongoing &#8216;due diligence&#8217; on them. <\/span><\/li>\n<li><span style=\"font-size: 1rem; line-height: 1.714285714;\">also ensure that the respondent bank is able to provide the relevant customer identification data immediately on request.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">refuse to enter into a correspondent relationship with a&nbsp;<\/span><b style=\"line-height: 1.714285714; font-size: 1rem;\">&#8216;<\/b><span style=\"line-height: 1.714285714; font-size: 1rem;\">shell bank<\/span><b style=\"line-height: 1.714285714; font-size: 1rem;\">&#8216;<\/b><span style=\"line-height: 1.714285714; font-size: 1rem;\">&nbsp;(a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group). Shell banks are not permitted to operate in India. <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">guard against establishing relationships with respondent foreign financial institutions that permit their accounts to be used by shell banks. <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">be extremely cautious while continuing relationships with respondent banks located in countries with poor KYC standards and countries identified as &#8216;non-cooperative&#8217; in the fight against money laundering and terrorist financing. <\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">ensure that their respondent banks have Anti-Money Laundering Policies and procedures in place and apply enhanced &#8216;due diligence&#8217; procedures for transactions carried out through the correspondent accounts.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.vskills.in\/practice\/aml-kyc\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-91326 aligncenter\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png\" alt=\"AML-KYC Compliance officer free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><!--more--><\/p>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/aml-kyc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href=\"https:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer\" target=\"_blank\" rel=\"noreferrer noopener\">Go to Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anti-Money Laundering Policies Correspondent banking is the provision of banking services by one bank (the &#8216;correspondent bank&#8217;) to another bank (the &#8216;respondent bank&#8217;). Banks should gather sufficient information to understand fully the nature of the business of the correspondent\/respondent bank. This includes information on: information on the other bank\u2019s management, major business activities, level of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3356],"tags":[6092,6093],"class_list":["post-25278","page","type-page","status-publish","hentry","category-aml-kyc-2","tag-anti-money-laundering-policies","tag-anti-money-laundering-policies-of-correspondent-banks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Anti-Money Laundering Policies of Correspondent Banks - Tutorial<\/title>\n<meta name=\"description\" content=\"Learn Anti-Money Laundering Policies of Correspondent Banks through Vskills Government Certification in AML- KYC. 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