How an Effective Correspondent banks Due Diligence Looks Like ?

In this video I’m covering the key areas you should familiarise yourself with for an efficient correspondent banks due diligence. You will discover why correspondent banks relationships are established in the first place, the money laundering risks presented by respondent institutions and a list of steps to ensure strong correspondent banks due diligence is in place.

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▬▬ CHAPTERS ▬▬
00:00 - Intro on Correspondent banks
02:07 - Correspondent banks due diligence checklist

✅ References:

DISCLAIMER
This video is intended for general informational or entertainment purposes only. The information in this video is not intended to replace legal advice. The views and opinions expressed in this video are those of the speaker/s and do not necessarily reflect the original policy or position of people, institutions or organizations that the speaker/s may or may not be associated with in professional or personal capacity, unless explicitly stated. Furthermore, no endorsement of any criminal activity is expressed or implied.
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[FinCrimeAgent]

This a short update to let you know that The Wolfsberg Group updated their Financial Crime Principles for Correspondent Banking since 2014.

The crucial distinction, in my opinion, is that despite the widespread use of these rules in the financial industry, they have always been directed at banks. This time, something new is that Wolfsberg suggests that FIs outside of traditional banking should also follow the principles of a risk-based approach.
 
Although these Principles are intended to apply to relationships with other Banks, Institutions may decide to extend them to all correspondent relationships they have with Non-Bank Financial Institutions (NBFIs) and Payment Service Providers (PSPs), including but not limited to Money Services Businesses (MSBs) / Money or Value Transfer Services (MVTS), financial technology companies (FinTechs), and Virtual Asset Service Providers (VASPs). This decision will be made on a risk-based basis. Institutions should decide whether to apply these standards to such correspondent connections because they may be enabling transactions that carry the same or higher risk.

[hiabhishekdas]

Please make a video on due diligence of State Owned Entity or Government Owned Entity (SOE OR GOE), do they come under the high risk or medium risk.

[aliadnan]

Is there any tutorial on Virtual Currency ??