Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

To ease fears, agencies address correspondent banking ‘myths’

Joe Mont | August 31, 2016

The Treasury Department has issued a four-page fact sheet—developed with the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—to outline and clarify supervisory and enforcement activities regarding anti-money laundering and sanctions in the area of correspondent banking.

In a statement, Treasury Department officials said the document is intended to dispel “certain myths about U.S. supervisory expectations” and it “confirms that there is no general expectation for banks to conduct due diligence on the individual customers of foreign financial institutions.”

 The document stresses that the U.S. “maintains an...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.