Correspondent Banking

Current AML platforms are struggling to properly monitor correspondent banking due to poor data quality and lack of context.

Poor data quality has meant that monitoring has focused on internal customers and accounts, alongside correspondent banks and countries.

Some banks have tried to identify and profile the foreign party but with limited success because of:

  • Large numbers of false positives as a result of inaccurate mapping.
  • Potential false negatives (missing genuine cases) when customers are treated separately as opposed to combining them into one entity.

Quantexa successfully resolves the foreign counterparties of correspondent banking transactions and joins this data to external sources of company information. This allows you to use of all data related to the entity, to heal or reconstitute the message, completing any missing data points for subsequent and historic transactions.

Our approach enables you to:

  • Investigate alerts more efficiently by:
    • Visualising the flow of money through a foreign counterparty.
    • Understanding the money flow in context of the ownership structure of the company.
    • Understanding the nature of a specific counterparty’s business
  • Feed back investigation decisions and use this to build more sophisticated contextual monitoring rules.
  • Build accurate profiles of foreign parties and understand the payment flows in the context of:
    • The bank’s customer, their business type and their money flows to other customers of the bank.
    • Foreign customers using the bank as an intermediary, to send money to the resolved counterparty.

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