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Most Read Contributor in United States, September 2017
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.
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