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

PYMNTS

SEPTEMBER 11, 2017

A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. 8) said 27 percent of global banks surveyed have reported a drop in the number of correspondent banking relationships.

Correspondent Bank 51

Correspondent Bank Correspondent Due Diligence Wire Transfer 51

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. October 2024: TD Bank$3 BillionAML TD Bank was fined $3 billion, including a $1.3

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

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. SWIFT also offers SWIFT Profile , which launchd in 2015 as a report to help banks identify red flags and potential problem customers.

SWIFT 40

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

The Paypers

OCTOBER 17, 2017

(The Paypers) SWIFT has aligned its Know Your Customer (KYC) Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks.

SWIFT 28

SWIFT Due Diligence Correspondent Bank Correspondent 28

PYMNTS

SEPTEMBER 24, 2020

Westpac also failed to properly vet “suspicious transactions associated with possible child exploitation,” or to adequately monitor potential money laundering risks stemming from corresponding banking relationships, including those “with known higher-risk jurisdictions,” AUSTRAC said in a press release.

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

Finovate

APRIL 9, 2024

Infinity is a banking and payments platform for cross-border businesses in India. Swift is building instant international payments to replace the archaic correspondent banking infrastructure. GovernGPT is an AI-based database that pre-populates due diligence questionnaires with recent and trusted data.

FinTech 52

FinTech Cross-Border Due Diligence AI 52