AML Risks in Correspondent Banking
Drug traffickers and other criminals can use foreign correspondent accounts to launder money, using shell companies to hide the true owners of correspondent accounts. Because the domestic bank is not necessarily familiar with the foreign correspondent financial institution’s customers, criminals and terrorists can more easily conceal the source and use of illicit funds.
Funds transfers are considered higher risk transactions in general, and they pose an even greater risk when they are foreign. Do you know how to assess the risk factors? Join us as we learn more about the AML risks in correspondent banking.
Download to Learn:
- How to assess risk factors associated with foreign and national funds transfers
- What to look for when monitoring
- Due diligence policies, procedures and controls
About the Presenter
Joe Soniat, CAMS-FCI, CFE, CAFP, BPC
Vice President – BSA/AML Officer
Joe is the BSA AML Officer for Union Bank and Trust, Located in Richmond, Virginia. Mr. Soniat has worked as a Finance Intelligence Officer for the United States Government; He is a BSA Coalition Advisory Board Member, which consists of bankers and regulatory representatives from various federal and state banking agencies from the fifth district of the Federal Reserve. Mr. Soniat is a Certified Anti money Laundering Specialist, Certified Fraud Examiner and had obtained his CAMS FCI designation.