Correspondent banking is a vital part of global finance but there is a risk that some of the transactions can represent the proceeds of crime. The speed at which payments must be processed also hinders the identification of suspicious transactions. Given the heightened regulatory focus on money laundering and terrorist financings around the world and the severe nature of the penalties imposed on financial institutions for ineffective AML controls in their Correspondent Banking divisions, it is essential that banks train their relevant staff to understand the specific inherent risks and be able to detect and intercept suspicious transactions.
This three hour workshop is aimed at Banking staff with a responsibility for Correspondent Banking as Compliance professionals responsible for second-line monitoring. The briefing will provide you with an overview of Correspondent Banking services and how they can be exploited by money launderers, as well as an understanding of the FCA’s approach to ensuring firms understand the money laundering risks they are exposed to through their trade finance business.
By attending this session you will:
- Be aware of your role as the first line of defence in protecting your firm from being exploited by criminals.
- Become aware of the higher Compliance risks associated with correspondent banking.
- Familiarise yourself with common correspondent banking services.
- Understand the key guidance offered by the FCA and other national and international bodies.
- Grasp the importance of conducting effective due diligence on Respondent Institutions.
- Understand how to monitor the correspondent banking relationship in order to best manage the risks.
- Discuss relevant high profile case studies.
- Know the importance of filing a suspicious activity report (SAR).
Who will benefit
This session will benefit individuals in all firms who are involved in, or responsible for, correspondent banking, trade finance, transaction processing and Compliance, including the MLRO, and senior managers and directors.
Session I: Introduction to Correspondent Banking
- Key Terms
- Pros and cons
- UK and EU regulatory framework
Session II: Money Laundering Risks
- Risks relating to specific correspondent banking products and services
Session III: Due Diligence and Ongoing Monitoring
- Assessing correspondent banking risks
- Case Studies and potential scenarios
- The importance of Customer Due Diligence
Session IV: Reporting Suspicion
- What is suspicion?
- Filing a Suspicious Activity Report
- What happens next?
- SWIFT messages
Case-study based, enabling lots of opportunity for practice and sharing experience, the workshop will help firms assess their AML risks within their Correspondent Banking business and improve their employees’ ability to recognise and report suspicious activity.
This session will benefit individuals in all firms who are involved in, or responsible for, correspondent banking, trade finance, transaction processing and Compliance, including the MLRO and senior managers and directors.
*Please note that the programme sequence and/or subject matter may differ from what is presented herein; the programme is constantly being updated to embrace new ideas and developments – as they evolve.
This workshop uses a combination of trainer input and knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 16 to facilitate delegates sharing experiences.
Richard Sinfield is a highly accomplished Compliance and AML professional with a proven track record in designing and implementing regulatory compliance and anti-financial crime training programmes that support the needs of senior managers, front office and second line of defence staff in the financial services industry. With extensive training experience garnered at leading global banks and asset managers, Richard has proven adept at working with key business stakeholders to develop tailored and highly practical learning programmes, and then delivering effective and memorable classroom training. He has been a trainer for over 15 years, after working in the Compliance departments of two global investment banks. He has also recently provided consultancy services to the Correspondent Banking department of a UK bank.
Take this training in-house
If you have five or more delegates who wish to attend this briefing, it may be more cost effective to run it in-company. To find out more about in-company training, please contact Philip Allen Director of Learning on 0207 216 8843 or email@example.com
Anti-money laundering eLearning is currently available from the UK Finance eLearning Academy. To find out more about Anti-money laundering eLearning, please contact Philip Allen Director of Learning on 0207 216 8843 or firstname.lastname@example.org