Reality Checks in Correspondent Banking: A Decade of Lessons Learned

Reality Checks in Correspondent Banking: A Decade of Lessons Learned

“U.S. banks, through the correspondent accounts they provide to foreign banks, have become conduits for dirty money flowing into the American financial system and have, as a result, facilitated illicit enterprises, including drug trafficking and financial fraud." Think this quote is from a recent headline or Congressional hearing? It's not — rather, it is the introductory sentence  from a February 5, 2001 , report on the role of correspondent banking in money laundering. 

Correspondent banking plays a vital role in international trade and finance. Through correspondent banking relationships, correspondent financial institutions provide a wide range of services to respondent financial institutions, including clearing, cash and treasury management, investment, custody, foreign exchange, and lending services.

 

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