FATF Issues Important New Guidance on Correspondent Banking

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New FATF Guidance confirms that  FATF Recommendations do not require correspondent financial institutions to conduct customer due diligence on each individual customer of their respondent institutions’ customers. 

The guidance also highlights that not all correspondent banking relationships carry the same level of money laundering or terrorist financing risks, hence any enhanced due diligence measures have to be commensurate to the degree of risks identified.”

Read full report here.

 

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