Correspondent Banking and Financial Crime 2023 | UK Finance | 5 December 2023 | TBA, UK

We only have to look at the implications of banning an entity from SWIFT to understand the pivotal part that correspondent banking plays in world finance. Like any given situation where money is moved from country to country, there is the risk of financial crime being involved. The focus on anti-money laundering and terrorist financing does not diminish, and therefore ensuring your relevant colleagues fully understand the risks involved, how to deal with suspicious transactions and what the regulatory requirements is a must.

Learning outcomes

By the end of the workshop, you will be able to:

• Clarify your understanding of the services that correspondent banking provides.
• Confirm the role you need to play in mitigating the risk of financial crime in correspondent banking.
• Understand the Financial Conduct Authority and other relevant regulator requirements.
• Discuss how suspicious activity reports should be utilised within your firm.
• Know how to monitor and manage your correspondent banking relationships, and the associated compliance needed.
• Ensure due diligence is carried out on respondents.