ARTICLE
14 October 2016

OCC Provides Guidance On Periodic Risk Evaluation Of Foreign Correspondent Accounts

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The Office of the Comptroller of the Currency issued guidance on best practices for OCC-supervised banks to use when conducting periodic risk evaluations of foreign correspondent accounts...
United States Finance and Banking

The Office of the Comptroller of the Currency (the "OCC") issued guidance on best practices for OCC-supervised banks to use when conducting periodic risk evaluations of foreign correspondent accounts and when deciding whether to terminate such accounts.

Foreign correspondent accounts are established by an OCC-supervised bank in order for a foreign financial institution to receive deposits from, to make payments or other disbursements on behalf of, or to handle other financial transactions. The OCC guidance reminded banks that they should periodically evaluate the risks associated with these relationships including compliance with anti-money laundering laws and Bank Secrecy Act laws. Additionally, the OCC outlined supervisory expectations with respect to the evaluations.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More