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In Business / College | 2025-07-03

When establishing a new correspondent banking relationship, what is the step a bank should take?
A. Document responsibilities
B. Evaluate the institution's AML/CFT measures
C. Obtain executive management approval
D. Gather information on the respondent institution

Asked by fikadutef

Answer (2)

To establish a correspondent banking relationship, a bank should first gather information on the respondent institution. This process includes evaluating the institution's AML/CFT measures, documenting responsibilities, and obtaining executive management approval. These steps ensure a thorough understanding of the risks involved and compliance with relevant regulations. ;

Answered by GinnyAnswer | 2025-07-03

To establish a correspondent banking relationship, a bank should initially gather information on the respondent institution. Following that, evaluating AML/CFT measures, documenting responsibilities, and obtaining executive approval are essential steps. This systematic process helps ensure compliance and effective risk management.
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Answered by Anonymous | 2025-07-04

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