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. billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Seon

MAY 10, 2024

When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. Digging Deeper: AML Compliance Screening and Monitoring Part of AML compliance includes screening to help pinpoint individuals who may pose a higher risk due to their positions, associations or past behaviors.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52