Collaborative compliance shows promise for Latin America's banks

摘要

Correspondent banking has suffered a shake-up over the last decade as sanctions and anti-money laundering (AML) compliance regulation has tightened its grip on the banking industry worldwide. Risk isn't a new term in the business of correspondent banking, but the focus has turned to financial crime. In addition to preventing transactions involving sanctioned entities or individuals, institutions are responsible for performing a number of initial and on-going customer due diligence checks. These checks can involve persons or entities opening accounts, persons or entities connected with high-risk financial transactions, beneficial owners, or banks' correspondent banking partners.