Essentials: Correspondent Banking, Value Transfer Systems and Remittances


Released 8 August 2020.

Early bird voucher 888 = 20% discount until 16 August 2020

About this course

There is something almost mystical about correspondent banking but its actually very simple.

And, at its heart, ancient.

In the increasingly fragmented world of payments, the old principles are being overlooked by banks anxious to grab a piece of the action from the upstarts.

As they, and regulators, scramble to think up new ways of assessing and managing risk, they are forgetting that they already know how.

This course explains the risks and compliance issues facing both sides - the provider of top-level banking services and those making use of them.

To understand correspondent banking and we need to understand how clearing systems work and how they developed over thousands of years.

And when we understand that, we find that we also understand the world of remittances.

In this course, we study all of these, and more, to provide a uniquely holistic comprehension not only of how the systems work but what risks they provide for both users and providers.

We also look at how correspondent banking became so demonised and the steps taken to identify, contain and control the risks that it presents while preserving the essential services that it provides to all those who have a need to make international payments or inter-bank payments in a currency other than their own.

Course level: Senior

Language: English

Examination: yes

Course award Certificate: Yes

Access to course: unlimited for 12 months; auto-termination at 12 months.

Return to previous pages: Yes

Course certificate validity: one year from the date of completion of the course

Portable CPD (TM) hours (where recognised): 8 hours

Certification credits: 15

Price (individual): the current price, including UK VAT where applicable, is shown on the course purchase page.

Course purchase page: https://learning.financialcrimeriskandcompliancetraining.com/courses/ess....

Course Content *

Table of Contents
1. Correspondent banking and payment systems: overview
1.1 Correspondent banking is a product of history and the result of a network of agreements between banks.
1.2 Where we’ve been, where we are and where we are going
1.3 Basic money transfer systems
The most simple approach to money transfer is where one person hands over something of value, or representing value, to another.  
1.4 Terminology: There is no such thing as "a hawala" or "hawalas."
1.5 Correspondent banking terms
2. What is…..
2.1 What is correspondent banking?
2.2 What are value transfer systems?
2.3 What are asset transfer systems?
2.4 What are remittance systems?
2.5 What is a pass-through or payable-through account
3. The Development of Payment Systems
3.1 In the beginning 1.
3.2 In the beginning 2.
Scenario
3.3 In the beginning 3.
3.4 Chop and hawala: case studies
3.5 The legal standing of hawala, etc.
3.6 Capital flight and flight capital - 1
3.7 Capital flight and flight capital - 2
3.8 Capital flight and flight capital – 3 – proceeds of consequential crime.
3.9 Coronavirus, pandemic and international criminal money flows.
4. Bank accounts, payment instructions and funds transfers.
4.1 Banking – core services and what ″banking″ really means.
4.2 Payment instructions.
4.3 The funds transfer system that is not a messaging system.
5. Correspondent banking basics
5.1 How correspondent banking works – 1
5.2 How correspondent banking works – 2
Scenario
5.3 How correspondent banking works – 3
5.4 How correspondent banking works – 4
Scenario
5.5 Truncation, the dematerialisation of money and inter-bank funds flows – 1
5.6 Truncation, the dematerialisation of money and inter-bank funds flows – 2
5.7 Truncation, the dematerialisation of money and inter-bank funds flows – 3
5.8 Truncation, the dematerialisation of money and inter-bank funds flows – 4 Case Studies
6. The need for speed and the clearing revolution.
6.1 How technology has moved on from settlement meetings.
6.2 The fast inter-bank messaging system – 1
6.3 The fast inter-bank messaging system – 2
6.4 The UK's system, effective 30 June 2020 to protect against mis-delivery of transfers. 1
6.5 The UK's system, effective 30 June 2020 to protect against mis-delivery of transfers. 2
6.6 The fast inter-bank messaging system – 3
6.7 The fast inter-bank messaging system - 4
6.8 Come Alive with PEPSI and other EU funds transfer initiatives and mistakes - 1
6.9 Come Alive with PEPSI and other EU funds transfer initiatives and mistakes - 2
6.10 Come Alive with PEPSI and other EU funds transfer initiatives and mistakes - 3
7. Uses for correspondent banking
7.1 Acceptable uses for correspondent banking
7.2 Unacceptable uses for correspondent banking
8. How correspondent banking became a contentious issue.
8.1 Early concerns as to correspondence banking – 1
8.2 Early concerns as to correspondence banking – 2
8.3 Early concerns as to correspondence banking – 3
8.4 Early concerns as to correspondence banking – 4
8.5 The demonising of correspondent banking – 1
8.6 The demonising of correspondent banking – 2
8.7 The demonising of correspondent banking – 3
8.8 The demonising of correspondent banking – 4
8.9 The demonising of correspondent banking – 5
8.10 The demonising of correspondent banking – 6
8.11 The demonising of correspondent banking – 7
8.12 The demonising of correspondent banking – 8 CASE STUDY
9. Defining criminal conduct in an international environment
9.1 Understanding predicate offences
9.2 Why definitions of predicate crime are relevant to international payment systems.
10. Not exactly banking but exactly like banking
10.1 Not exactly banking but exactly like banking – 1
10.2 Not exactly banking but exactly like banking – 2
10.3 Not exactly banking but exactly like banking – 3
10.4 Not exactly banking but exactly like banking – 4 - Risk assessments by banks of service providers inc. FinTech.
11. Correspondent banking and money laundering
11.1 Money transfers are, first, asset reallocation and then asset relocation
12 Correspondent banking, etc. and the financing of terrorism
12.1 We're looking for money moved, not money stored.
12.2 Case study: terrorist financing 11 September 2001.
12.3 Case study: terrorist financing 11 September 2001 - 2
12.4 Retrospective action against money stored
12.5 Dealing with high-risk jurisdictions -1
12.6 Dealing with high-risk jurisdictions - 2
13. Correspondent banking and tax fraud / evasion
13.1 Comparing tax evasion and money laundering
13.2 The involvement of correspondent banking in tax evasion.
14. Correspondent banking - sanctions and embargoes
14.1 Overview of sanctions and embargoes.
14.2 Obligations on correspondent banks, etc. with regard to sanctions and embargoes.
14.4 Correspondent banking, etc. - blacklists, grey lists and more
14.5 Looking out for suspicious activity - 1.
a) bribery, corruption and plunder
14.6 Looking out for suspicious activity – Case Studies - 1
14.7 Looking out for suspicious activity – Case Studies - 2
14.8 Looking out for suspicious activity – Case Studies 3
14.9 Looking out for suspicious activity – 2 – Human Trafficking
15 Transfer of funds – legal aspects 1
15.1 Cash, etc. transaction reporting
15.2 Aggregation
15.3 Suspicious activity reporting
15.4 Case Study
16. Letters from abroad
16.1 When Letters are not Correspondence
16.2 Why escrow is important in trade transactions and relevant to correspondent banking.
16.3 Conditions, confirmation and terminology.
16.4 Correspondent banks must be cautious in trade transactions.
16.5 Financial Crime aspects insofar as they relate to correspondent banking
17. Respondent and correspondent bank: Risk Assessment 229
17.1 Background to risk assessments in correspondent banking – 1
16.7 Background to risk assessments on correspondent banks – 2
17.3 Early attempts at widespread risk assessments in correspondent banking.
16. The Financial Action Task Force & the Wolfsberg Group
16.1 Sources
16.2 The Financial Action Task Force’s Guidance
17.4 The Wolfsberg Group’s Correspondent Banking Questionnaire.
18. Case Study: Deutsche Bank ats the New York State Department of Financial Services 2020 – the Correspondent Banking aspects of the case.
18.1 It′s not about Jeffery Epstein 246
18.2 Deutsche Bank’s correspondent banking relationship with FBME – 1
18.3 Deutsche Bank’s correspondent banking relationship with FBME – 2
18.4 Deutsche Bank’s correspondent banking relationship with FBME – 3
18.5 Deutsche Bank’s correspondent banking relationship with FBME – 4
18.6 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 1
18.7 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 2
18.8 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 3
18.9 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 4
18.10 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 5
18.11 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 6
18.12 Deutsche Bank’s correspondent banking relationship with Danske Estonia – 7
18.13 Danske Bank A/S Responses to the Wolfsberg Group money laundering risk and compliance questionnaire.
19. USA PATRIOT Act – correspondent bank certification
19.1 Requirements and form.
20. ISO20022 – a new messaging standard for global money transfers.
20.1 What is ISO20022? 1
20.1 What is ISO20022? 2
21 Conclusions
21.1 It’s not complicated unless it’s made to be so.
21.2 Afterword

Examination

* This contents list is subject to change as content is updated and added. For the current content, always check the Course location at
https://learning.financialcrimeriskandcompliancetraining.com/courses/ess....

 

 

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