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

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

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

Payable-through

Respondent

Private banking

foreign

respondent

concentrated

Correspondent

PTA accounts

nesting accounts

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

European Union

EUropean alliance

Europe & USA

European Unity

A client who is not present during account opening

Filing a STR using the correct format provided by the FIU

A search warrant issued by law enforcement

Correspondent Banking

Concentration Accounts

Payable Through Account

cuckoo smurfing

smurf deposits

money laundering