Correspondent Banking: A Risky Business?

Correspondent banks need to continually review their monitoring and screening for new and emerging threats.

London, 15 June 2021 – Correspondent banking relationships are cross-border, with correspondent banks processing payments, moving funds, and performing currency clearing on behalf of parties that are not their own customers and are outside of their home country. Regulators, international bodies, and banking groups agree that correspondent banking presents a heightened level of anti-money laundering  risk for participants and the global financial system.

This report focuses on the AML risks posed by correspondent banking relationships and payments, focusing on international relationships, and considers what FIs can do to manage the heightened risk inherent in cross-border payments. It is based on interviews Aite Group conducted with 11 globally based FIs and AML software vendors during April and May 2021.

This 32-page Impact Report contains six figures and nine tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Abrigo, Accuity, ACI Worldwide, Alacra, Arachnys, Ayasdi, BAE Systems, Bottomline Technologies, Brighterion, ComplyAdvantage, CSI, DataVisor, Dow Jones Risk & Compliance, Dun & Bradstreet, Eastnets, EY, Featurespace, Feedzai, FICO, Fiserv, GBG, Genpact (riskCanvas), Global Compliance Institute (GCI), Global Legal Entity Identifier Foundation, HAWK:AI, IBM, Inform GmbH, Innovative Systems, Jack Henry, Jocata, Kharon, KYC2020, LexisNexis Risk Solutions, Lucinity, Moody’s (including Bureau van Dijk and Regulatory DataCorp), Napier, Neterium, NICE Actimize, Oracle,, PwC, Quantexa, Refinitiv, Sanction Scanner, SAS, SmartKYC, Socure, SWIFT, ThetaRay, TigerGraph, Tookitaki, Unit21, Verafin (Nasdaq), and Wolters Kluwer.

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