The Payments Association

MAY 9, 2025

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Since the global financial crisis, AML fines totaled $56 billion, with US-based financial institutions incurring $5 billion in fines for related infractions in 2022.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. KYC onboarding is crucial: It is required by AML-obligated and/or fraud prevention-focused industries. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence.

Process 52

Process Due Diligence AML Verification 52

PYMNTS

JULY 18, 2017

Expanding access to the registry means its members will benefit from more information and collaboration in their correspondent banking and funds distribution networks, SWIFT said. In parallel, smaller institutions will benefit from industry-agreed standards and best practices in Know Your Customer compliance. This year, the U.S.

SWIFT 40

SWIFT Office of the Comptroller of the Currency Due Diligence Correspondent Bank 40

Neopay

JANUARY 25, 2024

Background By extending the scope of the ML/TF Risk Factors Guidelines, the EBA harmonises the approach that CASPs across the EU should adopt when implementing the risk-based approach to AML/CFT as part of their business. The amending Guidelines will apply from 30 December 2024.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

SEPTEMBER 24, 2020

24), noting that Westpac had violated anti-money laundering (AML) and terrorism financing regulations more than 23 million times. Australian banking giant Westpac has agreed to a massive fine of $920 million ($1.3 million in Australian dollars) in a bid to put a money-laundering scandal behind it. million transactions totaling more than $7.7

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46