Corresponding banking is banks opening direct bank accounts for PEPs located in foreign jurisdictions

Omnibus accounts are different from concentration accounts because they do not provide the customer direct access to the account

Concentration accounts are also known as correcpondent accounts, Frequently used to facilitate transactions for private banking, trust and custody accounts, funds transfers and internal affiliates

Payable-through

Private banking

Respondent

concentrated

foreign

respondent

Correspondent

nesting accounts

PTA accounts

perform due diligence regarding correspondent and private banking accounts established for all US persons

perform due diligence regarding concentration accounts and private banking accounts established for non-US persons

perform due diligence regarding foreign banking accounts and private banking accounts established for non-US persons

European Union

Europe & USA

EUropean alliance

European Unity

A search warrant issued by law enforcement

A client who is not present during account opening

Filing a STR using the correct format provided by the FIU

Concentration Accounts

Correspondent Banking

Payable Through Account

money laundering

cuckoo smurfing

smurf deposits