BSA/AML Examiner School - Case Study Oct 2023

LCB12/15

Internal Controls Checklist 15.1: Correspondent Accounts (Domestic) Activities

Yes No

N/A

Does the institution have adequate policies, procedures, and processes related to domestic correspondent banking relationships given the institution's domestic correspondent accounts and the risks they present? From a review of management information systems (MIS) and internal risk rating factors, determine whether the financial institution has identified any domestic correspondent banking activities as high risk. Determine whether the financial institution's system for monitoring domestic correspondent accounts for suspicious activities, and for reporting suspicious activities, is adequate given the financial institution's size, complexity, location, and types of customer relationships.

Y

Y

Y

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5 3