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OCC crafts guidance on correspondent banking risk

Joe Mont | October 6, 2016

The Office of the Comptroller of the Currency has issued risk management guidance that addresses periodic reevaluations of the risks associated with foreign correspondent banking accounts. The guidance reiterates the agency’s supervisory expectation that the banks it oversees assess these risks as part of their on-going risk management and due diligence practices.

Foreign correspondent accounts are established by a bank for a foreign financial institution to receive deposits from, to make payments or other disbursements on behalf of, or to handle other financial transactions related to the foreign financial institution.

The new guidance describes a range of best practices for banks to consider when conducting periodic reevaluations and making account retention or termination decisions. They include...

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