The Clearing House (TCH) published a final updated version of its Guiding Principles for Anti-Money Laundering Policies and Procedures in Correspondent Banking. The guiding principles, which were initially published in 2002, are intended to provide guidance to U.S. banks engaged in foreign correspondent banking and to assist U.S. banks in implementing key anti-money laundering (AML) procedures. The updated 2016 guidelines address changes in the AML and sanctions statutes, orders, rules and regulations; guidance clarifying the U.S. government’s expectations of U.S. bank’s AML policies and procedures in correspondent banking; guidance provided by international organizations; and industry enhancements to correspondent banking practices. Some of the areas covered by the principles include: establishment of foreign correspondent banking accounts, including due diligence and enhanced due diligence; risk assessment of foreign correspondent banking customers; identification and reporting of suspicious activity; increased transparency for cross-border payments; sanctions compliance; information sharing; and government requests for information.
You Might Also Be Interested In...
AML, Bank Secrecy Act and Sanctions FinCEN Must Preserve Beneficial Ownership Data Usefulness, Discourage Inappropriate Reporting Omissions
AML, Bank Secrecy Act and Sanctions BPI Responds to FinCEN Request for Comments Regarding Beneficial Ownership Information Reports
AML, Bank Secrecy Act and Sanctions Russian Oligarchs Hide Money in U.S. Only Reliable Data Can Stop Them.
AML, Bank Secrecy Act and Sanctions BPI Comments on FinCEN Proposed Rulemaking on Access to and Safeguards for Beneficial Ownership Information
AML, Bank Secrecy Act and Sanctions Business-Ownership Registry Access Rules Should Ensure Banks Can Focus on Threats
AML, Bank Secrecy Act and Sanctions BPI and ABA Respond to FinCEN Advanced Notice of Proposed Rulemaking on Establishing a No Action Letter Process
AML, Bank Secrecy Act and Sanctions Financial Crime Fighters’ Huge Tech Revamp Is More Urgent Than Ever. Here’s What’s Needed to Finish It
More Posts by This Author
Bank Activities and Structure Our Assessment of the Federal Reserve’s Latest Semiannual Supervision and Regulation Report and Some Recommendations for Future Reports