AML/CFTR 1.3.7 What is correspondent banking?
Correspondent banking is the provision of banking services by a bank (the correspondent) to another bank (the respondent).
Examples of banking services that may be provided to respondent
1 cash management (including interest-bearing accounts in different currencies)
2 wire transfers
3 cheque clearing
4 payable-through accounts
5 foreign exchange
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|