Correspondent banking relationships are agreements between financial institutions to carry out transactions on each other’s behalf. Correspondent banking plays an important role in the processing of payment transactions. Saman Bank places a high value on the importance of correspondent banking. Our team of expert relationship and product managers provides innovative and tailor-made solutions to our network of correspondent banks.
Correspondent banking is not without risk. Not all banks and financial institutions have adequate policies and procedures in place to combat financial crimes. Risk in correspondent banking can relate both to a bank’s monitoring and reporting systems in general and the payment services in particular. Certain jurisdictions have inadequate anti-money laundering and terrorism financing standards and our client must be adhering to robust standards in this issues.
All correspondent banks are required to undergo an appropriate due diligence. Saman Bank is willing to enter into a correspondent banking relationship with financial institutions which comply with adequate measures of Due Diligence policies, procedures and systems; essentially identifying their customers and analyzing the financial activities leading to increase money laundering and terrorist financing risks.
any that maintains due diligence and controls to identify and also that lead to decrease AML/CFT risk.
If you would like a correspondent banking relationship with Saman, please send your enquiry and the completed AML questionnaire to firstname.lastname@example.org.