Webinar: Best Practices in Correspondent Banking Relationships

Best practices in correspondent banking relationships – From operational to supervisory and enforcement approach was a two-folded pilot workshop event aimed at facilitating best practices and use of available tools between the Central Bank of the UAE and different stakeholders involved in the financial investigation and penal chain ).

Participants in the event included a broad range of actors from the banking industry, supervisory authorities, enforcement authorities and international organisations. Speakers included representatives from the Deutsche Bundesbank, the European Banking Authority, the European Commission, the UAE Central Bank and Egypt’s FIU (EMLCU), among others.

The e-workshop was composed of two chapters of a half-day each:

• Chapter 1 on Operational aspects of correspondent banking where speakers described the payment process commonly used in correspondent banking. They presented some of the features and characteristics of the different messaging methods.
• Chapter 2 on Compliance and enforcement of correspondent banking risks. This part focused on the elements to set out to provide clear guidance for supervisors to proceed with the work of designing or improving national supervisory practice on correspondent banking, and on enforcement investigation by the FIU.

Following the event, a consolidated Key Needs Assessment document was produced, gathering relevant input from all participants. It provided key suggestions and specific areas for improvement with regards to the work of the Central Bank of the UAE on CoBa. The document, available below, seeks to serve as a useful resource for the CB’s future action on CoBa and potential framework improvement. It shall also serve as an informative roadmap for future activities of the Global Facility on CoBa.

Our Speakers:

• Abigail MARSHMAN, Acting Head AML/CFT Supervision Department at Central Bank UAE
• Robert SCHNEIDER, Head of FCC experts for EMEA at SWIFT
  & Alaa Al Rousan, Senior Account Director at SWIFT
• Patrick KAUK, Deputy Head of Group – Management of Foreign Accounts at Deutsche Bundesbank
• Carolin Gardner, (Acting) Head of Unit (AML/CFT) at European Banking Authority
• Dr Amr Rashed – Head of International Cooperation at Egyptian Money Laundering Combating Unit and Chair of the Training and Technical Assistance Working Group at Egmont Group

Best practices in correspondent banking relationships – From operational to supervisory and enforcement approach was a two-folded pilot workshop event aimed at facilitating best practices and use of available tools between the Central Bank of the UAE and different stakeholders involved in the financial investigation and penal chain ).

Participants in the event included a broad range of actors from the banking industry, supervisory authorities, enforcement authorities and international organisations. Speakers included representatives from the Deutsche Bundesbank, the European Banking Authority, the European Commission, the UAE Central Bank and Egypt’s FIU (EMLCU), among others.

The e-workshop was composed of two chapters of a half-day each:

• Chapter 1 on Operational aspects of correspondent banking where speakers described the payment process commonly used in correspondent banking. They presented some of the features and characteristics of the different messaging methods.
• Chapter 2 on Compliance and enforcement of correspondent banking risks. This part focused on the elements to set out to provide clear guidance for supervisors to proceed with the work of designing or improving national supervisory practice on correspondent banking, and on enforcement investigation by the FIU.

Following the event, a consolidated Key Needs Assessment document was produced, gathering relevant input from all participants. It provided key suggestions and specific areas for improvement with regards to the work of the Central Bank of the UAE on CoBa. The document, available below, seeks to serve as a useful resource for the CB’s future action on CoBa and potential framework improvement. It shall also serve as an informative roadmap for future activities of the Global Facility on CoBa.

Our Speakers:

• Abigail MARSHMAN, Acting Head AML/CFT Supervision Department at Central Bank UAE
• Robert SCHNEIDER, Head of FCC experts for EMEA at SWIFT
  & Alaa Al Rousan, Senior Account Director at SWIFT
• Patrick KAUK, Deputy Head of Group – Management of Foreign Accounts at Deutsche Bundesbank
• Carolin Gardner, (Acting) Head of Unit (AML/CFT) at European Banking Authority
• Dr Amr Rashed – Head of International Cooperation at Egyptian Money Laundering Combating Unit and Chair of the Training and Technical Assistance Working Group at Egmont Group