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

Respondent

Private banking

Payable-through

foreign

concentrated

respondent

nesting accounts

PTA accounts

Correspondent

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

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

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

Europe & USA

EUropean alliance

European Union

European Unity

Filing a STR using the correct format provided by the FIU

A client who is not present during account opening

A search warrant issued by law enforcement

Payable Through Account

Concentration Accounts

Correspondent Banking

smurf deposits

cuckoo smurfing

money laundering