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We only have to look at the implications of banning an entity from SWIFT to understand the pivotal part correspondent banking plays in world finance. Like any given situation where money is moved from country to country there is the risk of financial crime being involved. The focus on anti-money laundering and terrorist financing does not diminish and therefore ensuring your relevant staff fully understand the risks involved, how to deal with suspicious transactions and what the regulatory requirements are is a must.
Learning outcomes
By the end of the workshop, you will be able to:
• Clarify your understanding of the services that correspondent banking provides
• Confirm the role you need to play in mitigating the risk of financial crime in correspondent banking
• Understand the Financial Conduct Authority (FCA) and other relevant regulator requirements
• Discuss how suspicious activity reports should be utilised within your firm
• Know how to monitor and manage your correspondent banking relationships and the associated compliance needed
• Ensure due diligence is carried out on respondents
Introduction to correspondent banking and the scale of the risk
Money laundering
Managing and monitoring the risks
The escalation of suspicion
Questions and close
A lengthy, highly successful and varied career in Barclays bank has been the perfect springboard to martin becoming an exceptional consultant, not onl...
A lengthy, highly successful and varied career in Barclays bank has been the perfect springboard to martin becoming an exceptional consultant, not only within financial services but across a broad spread of clients in the UK, Europe, Africa, the Middle East and in the Caribbean.
His training expertise which began over 30 years ago (interspersed with senior management roles) has developed unparalleled:
• Knowledge and experience in his areas of expertise
• In compliance – especially in financial crime prevention focusing on anti-money laundering (AML), combating terrorist financing (CTF), fraud and identity theft
• Across all aspects of traditional retail and corporate banking and exposure to investment banking, international banking (especially “off-shore”) and private banking
• Communication and inter-personal skills:
• With staff at all levels in organisations from inductees to board members
• With course delegates on training events from the purely practical – ensuring that procedures are followed correctly – through all aspects of management and leadership skills, to advanced facilitation
• Consistent high-quality feedback shows that he’s equally at ease engaging with new inductees as he is challenging the thinking of senior executives
He has particular expertise in financial crime prevention where he is widely acknowledged as a subject matter expert thanks in no small part to wide and deep exposure to the development of anti-money laundering / know your customer (AML /KYC) and countering terrorist financing (CTF) solutions both during his time at Barclays and since. This exposure has involved inter alia the development and delivery of policy, procedure, training and communication on the identification and prevention of money laundering, terrorist financing, fraud, identity theft and “phishing” both in the UK and in overseas jurisdictions.
Junior or introductory roles responsible for correspondent banking, compliance, trade finance and processing.
First and second line staff responsible for correspondent banking, compliance, trade finance and processing.
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