Correspondent banking will remain an area of focus for regulators
for the foreseeable future.
Davies hosted its first in a series of Financial Crime Compliance Roundtable discussions, focused on the evolving regulatory and technology landscape surrounding correspondent banking. The event was attended by representatives from New York-based Foreign Banking Organizations (FBOs) who clear U.S. dollars for their international affiliate networks and offer correspondent banking services.
The discussion focused initially on the impact of recent revisions to the Wolfsberg Correspondent Banking questionnaire, and then shifted to how new technologies are facilitating the convergence of transaction monitoring, KYC, and negative news tools into holistic controls that incorporate data from each of the traditional AML silos.
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