1. Headings

2. CORRESPONDENT BANKING – AML / CFT
Presenter : Manoj Ahuja

3. What Foreign Institutions looking for while carrying out due diligence when onboarding customer prospect for Correspondence Banking?
Beneficial Ownership and its structure
Exposure as Correspondent Bank / Institutions
Sharing of Information outside Standard Questionnaire
AML /CFT Risk Appetite
Geographical Exposure of Fis
% SCC (Sensitive Customers Category)
Tolerance level on Sanctions Regime
Coverage of Sanctions Regime

4. What Foreign Institutions looking for while carrying out due diligence when onboarding customer prospect for Correspondence Banking? Continue ..
Results of Transactions Testing for the maintenance of Relationship
External Searches, Negative Media News / Regulatory Penalties
Use Of FI Ratings, wherever available. E.g SIGMA ratings

5. Strengthening of Payment Transparency Controls
Transaction Monitoring of Respondent Accounts
Anomalies in behavior (sudden / significant)
Hidden relationship (link analysis); monitoring activity between customers incl. respondents and their underlying customers and identifying common beneficiary’s and remitters amongst apparently unconnected accounts / respondents.
High Risk Geographies and Entities; Significant increase in activities and / or with high risk geographies
Structuring of Transactions
Different Thresholds on transaction type for e.g POP
Independent testing of data accuracy and completeness of Wire payments
Encourage culture of raising Unusual Activity Reports (UAR’s) by all employees
Coverage of other Countries Sanctions Regime in Sanctions screening.