Correspondent Banking Relationship Definition. In view of the importance of correspondent banking. The accounts that correspondent banks serve on behalf of foreign banks are referred to by the correspondent banks as vostro, meaning, "your account on our books." Correspondent banking is an arrangement under which one bank (correspondent) holds deposits owned by other banks (respondents) and provides payment and other services to those respondent banks.
The following definitions apply for the purposes of this Guidance: a) Correspondent banking is the provision of banking services by one bank (the.
World Council urges the FATF to include domestic correspondent banking relationships within its definition of "correspondent banking." Correspondent banking relationships (CBRs) are essential to the proper functioning of the global economy.
A correspondent bank relationship is established when A two banks maintain
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A correspondent bank relationship is established when A two banks maintain
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A correspondent bank relationship is established when A two banks maintain
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A correspondent banking relationship occurs when an agreement or arrangement for the provision of services is made between a foreign financial institution and a Canadian financial entity, namely a bank, credit union, caisse populaire, or trust company. They act as middlemen between different financial institutions. Definition of Correspondent bank in the Financial Dictionary - by Free online English Meaning of Correspondent bank as a finance term.
