In correspondent banking relationships – where one financial institution (the correspondent) provides services to another (the respondent), particularly for cross-border transactions – the breakdown of trust can serve as a catalyst for the collapse of international financial institutions.
Much like a marriage, trust is the cornerstone of any correspondent relationship. Without it, doubts creep in and things can start to fall apart. That is why it is so important to manage these relationships effectively.
This guide explores the complexities, risks, and strategies that can help your institution navigate this landscape with confidence.
It also explores the intricate world of correspondent relationships, offering insights into their historical significance, evolving nature, and best practices for managing them effectively. Beyond the operational challenges, correspondent relationships present their own set of risks, particularly in the area of money laundering (ML).
Through this guide, we aim to equip financial professionals with the knowledge and tools they need to maintain robust correspondent relationships without falling into common pitfalls.
Click below to download the “How not to mess up your correspondent relationship” guide, which includes real-world examples. Prepared by AMLYZE’s experienced AML/CFT experts, it will help you face the challenges of a correspondent relationship.
You can download the full ‘How not to mess up your correspondent relationship?’ guide in PDF format here.
