The Asian Bankers Association (ABA) and Fintelekt Advisory Services, an official ABA Knowledge Partner held a very successful virtual workshop on Introduction to Correspondent Banking Due Diligence on July 19, 2024.

The virtual workshop was well attended, with 77 participants from 16 countries and 28 institutions, including banks, regulatory bodies, investment firms and training institutions.

The resource person for the workshop was Julia Chin, subject matter expert on Correspondent Banking, Securities Services and Fintech, and an empaneled trainer with Fintelekt. Arpita Bedekar, Chief Operating Officer, Fintelekt Advisory Services facilitated the programme.

After covering some fundamental aspects of Correspondent Banking and the Wolfsberg Group, Julia highlighted what makes Correspondent Banking a high-risk product, and how a risk-based approach should be taken to handle risks associated with it. She also covered the importance of three lines of defence and the expectations from the respondent banks.

Julia briefly touched upon the traditional money laundering Risk Assessment Methodology and addressed concerns related to de-risking.

She also discussed new payment methods in Correspondent Banking and the Wolfsberg Group’s update on extending Correspondent Relationships to Non-Bank Financial Institutions (NBFIs) and Payment Service Providers (PSPs).

The session was highly interactive, with participants asking numerous questions related to their day-to-day issues.

All participants received a Fintelekt-ABA Certificate of Participation for attending the virtual workshop.