In recent practice under the USA PATRIOT Act’s (USAPA) various sections, the term “account” has been used indiscriminately to erase the nuance in its two meanings. When it comes to correspondent banking, use of the correct definition can be critical in appropriately managing how a financial institution addresses similar entities with different relationships.
During this webinar in collaboration with the AIBACP, hear experts, Bernard Factor and Andrew McAdams (Agricultural Bank of China) address the nuances between proprietary correspondent banking and traditional correspondent banking and the positive impact to efficiency incorporating these distinctions into BSA/AML compliance programs may bring, especially in the spaces of Treasury services and syndicated lending. Thoroughly understanding the meaning of words allows financial institutions to cut through the industry hearsay of best practices and begin understanding the foundational principles on which to build a truly risk-based approach.
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