Across the globe, the C-suite of financial institution fear the unknown. In fact, most of us fear the unknown but FI executives can get into serious regulatory, legal, financial and reputational hot water – especially with unknown unknowns. What do I mean by that? In simplest terms, an unknown [...]
I think you all know that correspondent banks are required to meet specific regulatory obligations while maintaining their correspondent relationships, as well as meet general compliance obligations to report suspicious activity, prevent money laundering, and comply with economic sanctions. A [...]
My banker told me that, in theory, managing his relationship with regulators and respondent banks is straightforward. Then he paused and said, “Actually, about as straightforward as explaining quantum physics to a five-year old.” And he’s right. Both understanding quantum physics and [...]