Manage the Risks of Offering and Purchasing Correspondent Banking Services
This certificate course provides an introduction to correspondent banking AML risk. It will help compliance professionals to reduce the risk to their institution associated with correspondent banking, by increasing the transparency of transactions and enhancing money laundering detection.
It’s important that professionals working in financial institutions that offer or purchase correspondent banking services have a clear understanding of the financial crime risks associated with the service, and how to mitigate them. In this certificate course, AML topics such as know your customer, due diligence, and the risk-based approach are applied to the correspondent banking context, to give professionals a thorough understanding of the risk environment.
Understanding Correspondent Banking AML Risks
Correspondent banks act as intermediaries, facilitating transfers and transactions on behalf of other banks, which are often located in other countries. Although correspondent banking facilitates wider inclusion in the global financial system, it can pose risks, as financial transactions are carried out on behalf of external customers. Anti-money laundering (AML) processes and reporting can also be difficult, with information being shared across borders and complicated transaction architectures making it difficult to monitor payments.
The ACAMS Correspondent Banking Certificate will enable professionals to understand the risks they should be aware of and their associated red flags, AML reporting requirements, and the penalties for non-compliance.
Correspondent Banking: Course Overview
This course has been written by global subject matter experts, and uses examples from many countries and contexts. It covers the fundamentals of this important topic, answering: what is correspondent banking and how does it work? The course content is broken into a bite-size learning path and considers both the offering and purchasing of correspondent banking services.
The course also answers the question why is correspondent banking high risk? Content explores the architecture of correspondent banking, and the causes of risk across customer, industry, and product types.
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