Correspondent banking: Money laundering and terrorist financing risks

On 25 May, we joined with Themis Services, one of our corporate members, to host a webinar on how to manage money laundering and terrorist financing risks in correspondent banking.

The panelists were:

Chahdan Jebeyli, Group Head, Legal and Compliance, Bank Audi

Helen Alexander, Senior Manager, Financial Crime Compliance Initiatives, SWIFT

Tracey Durner, Director of Financial Integrity and Inclusion, Global Centre on Cooperative Society.

The panel was moderated by Carel van Randwyck, Chief Growth Officer at Themis.

The panel addressed the reasons for the recent (and continuing) decline in global correspondent banking relationships and the consequences that it is having on access to finance and financial inclusion.

The panel also considered how banks should respond to new US requirements that have cross border effect, such as higher standards of beneficial ownership reporting, enhancement of whistleblowing protections, and expanded powers of subpoena. 

Discussion also addressed practical questions related to effective compliance practices, such as trigger-based checks on counterparties and transactions how to deal with 'false positive' alerts. 

For more information on the seminar, please refer to Themis's website: www.themisservices.co.uk