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Mitigate Correspondent Banking Risk Without De-Risking
Correspondent banking, where a financial institution provides third-party services to another financial institution, is vital to the global financial system. They provide banks and their customers access to financial services across jurisdictions and facilitate international trade, economic growth, global development, and financial inclusion.
However, it’s inherently more susceptible to money laundering than direct originator bank-to-beneficiary bank payments due to the indirect relationship between the bank facilitating the payment and the originator or end customer. Efforts to mitigate these risks, like Know Your Customers’ Customers (KYCC), can be costly, reducing the profitability of correspondent services.
How do you manage the money laundering risks associated with respondent banks and their customers while keeping compliance costs at bay? Join this discussion with NICE Actimize AML experts to find out how to mitigate the risk of money laundering through correspondent banking without resorting to de-risking.
However, it’s inherently more susceptible to money laundering than direct originator bank-to-beneficiary bank payments due to the indirect relationship between the bank facilitating the payment and the originator or end customer. Efforts to mitigate these risks, like Know Your Customers’ Customers (KYCC), can be costly, reducing the profitability of correspondent services.
How do you manage the money laundering risks associated with respondent banks and their customers while keeping compliance costs at bay? Join this discussion with NICE Actimize AML experts to find out how to mitigate the risk of money laundering through correspondent banking without resorting to de-risking.
They discuss:
- Understanding the key money laundering risks posed by respondent banks and their customers
- Best practices you can use to better understand respondent banking relationships and manage the risk of money laundering through correspondent banking
- Impact of new technology like generative AI that can help financial institutions better manage the risk associated with correspondent banking
Join us to address the weaknesses with correspondent banking and uncover the opportunities when you mitigate the risk it poses.
Webinar Details:
Wednesday, March 13
10:00 a.m. SGT | 13:00 AEDT
Speakers:
10:00 a.m. SGT | 13:00 AEDT
Speakers:
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Ronya Naim
MLRO and Head of Financial Crime Compliance,
ClearBank
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Adam Mclaughlin Head of AML Strategy and SME,
NICE Actimize
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