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. 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

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

PYMNTS

SEPTEMBER 24, 2020

million in Australian dollars) in a bid to put a money-laundering scandal behind it. 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

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs).

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

FICO

FEBRUARY 9, 2021

In June this year, the FATF released their report on, ‘ Money Laundering and the Illegal Wildlife Trade’. The methods for trafficking wildlife or the money laundering that’s involved are hardly new. Shell or front companies are often used to ship wildlife or launder the proceeds. by Erik Stretz.

Money Laundering 52

Money Laundering Crime Financial Crimes Due Diligence 52

Seon

SEPTEMBER 20, 2023

According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. It also ensures the organization has at least a rudimentary understanding of its customers’ propensity (if any) for money laundering, the financing of terrorism, and other fincrime.

Process 52

Process Due Diligence AML Verification 52