The risks posed by correspondent banking are of concern to regulators, bankers, and broker-dealers in securities alike. U.S. financial institutions have faced severe penalties as a result of their foreign correspondent banks having weak BSA/AML compliance programs. The various sections of the USA PATRIOT Act and implementing regulations in the Bank Secrecy Act have been in final form of a number of years now.
This course will discuss the practical applications of the regulatory requirements, with a particular emphasis on nested accounts. This course is designed for both U.S. financial institutions offering correspondent banking as well as for foreign financial institutions which have or are seeking U.S. correspondent banking relationships. U.S. financial institutions will acquire practical knowledge to apply to their correspondent compliance programs. Foreign financial institution will have a much better understanding and appreciation for the requirements of the correspondent bank and be better able to demonstrate its compliance program and contract requirements.
Maria Jose Fox
Ms. Fox has gained over 20 years of practical international, domestic and regulatory bank experience in the areas of private banking, credit and international bank examinations. She entered private practice and developed In Compliance We Trust Consulting, LLC (InCWeT). Through her practice, Ms. Fox leads all-encompassing BSA and AML compliance programs – including transaction monitoring, client risk rating methodologies, OFAC procedures and KYC & EDD guidelines. In addition, she conducts employee training, performs BSA and OFAC risk assessments, and 314a and regulatory reports. She also manages and oversees KYC & EDD file remediation projects and GLBA, non-deposit investment product suitability and risk management.
Eligibility & Preparation
Prior to beginning the course participants should complete the pre-course reading list. Anticipated reading time: 5-7 hours.
Who Should Attend
- AML/CFT Compliance Personnel
- Audit Personnel
- Regulators/Supervisors Of Financial Institutions
- Marketing Professionals
- Business Managers
In-person, 1 Day (8 hours)
- History and Regulatory Expectations
- Correspondent Banking Overview
- Non-Banking Financial Institutions
- Money Transmitters and MSBs