Correspondent banking mangement

ALL DATA AT A GLANCE

Consolidate all relevant records and documents relating to your correspondent banking relationships in one place. In addition to the mandatory Wolfsberg Questionnaire (CBDDQ), further documents such as AML self-declarations, Patriots Act, but also shareholder structures and beneficial owners can be stored. Financial reports / annual reports are also filed for each correspondent.

DIGITAL cbddq

Digitize your CBDDQ and make it available to them for differentiated released correspondence. Save time and effort by enabling your correspondence to be provided with a digital CBDDQ. This is the basis for holistic risk management. Finocon provides the latest version of the Wolfsberg CBDDQ. All data can be processed automatically.

Risk Management

Extend your non-financial risk assessment to include the risks from correspondent banking business by integrating the risk factors from the standardized CBDDQs. In addition, you can integrate other relevant risks such as country risks, business volume risks, transaction risk, etc. - the whole risk model can be adjusted by your requirements!

Profit Orientation

Use Finocon to manage your correspondent banking relationships not only in a risk-oriented but also in a profit-oriented manner. Integrate all sources of income to obtain a holistic picture of your correspondent banking relationship, such as an income from payment transactions.

Alert Trigger

There are various factors that can lead to changes. With the Finocon Alert Trigger you receive immediate notification of changes in risks or new information.

Legal and regulatory compliant

by using Finocon your organization is automatically compliant with regulatory requirements in terms of documentation and audit duty. With Finocon all due diligence requirements according to the AML regulation are full-filled. The risk-oriented approach supports you in deciding to what extent documentation and a new review process (KYC) must be initiated.

Regarding Correspondent BAnking

Correspondent banking business is considered by experts to be high-risk business. 

Correspondent accounts in particular can play a key role in international money laundering and tax evasion. Furthermore, the supervisory authorities have gradually tightened the money laundering regulations. 

In 2020, the 5th EU Money Laundering Directive will come into force, requiring financial institutions to examine and monitor their correspondent banking relationships even more closely.

About Finocon

Finocon GmbH is a RegTech start-up from Stuttgart.

Our focus: Tightened up requirements for documentation and due diligence of correspondent banking relationships, especially in high-risk countries, make it difficult to handle them easily.  

Finocon digitizes and automates significant processes and supports financial institutions to manage their correspondent banking relations efficiently and easily.

Contact us

You have questions?
Do you want to explore how Finocon can also help you to optimize your work and cut down costs?

Please contact us, we will come back to you as fast as possible!

 

FINOCON CORRESPONDENT BANKING MANAGEMENT

Digitize and automate your correspondent banking processes!

Learn how Finocon can help your bank to increase the precision of risk evaluation and have more done with less work.

  • Increase risk based desicisons
  • Be compliant with the documentation and due dilligence requirements
  • Increase efficiency and save costs
Finocon Broschure