The Wolfsberg Group, Anti-Money Laundering Principles for Correspondent Banking The Wolfsberg Group, Wolfsberg Frequently Asked Questions ("FAQs") on Correspondent Banking FinCEN, Section 312 of the USA PATRIOT Act: Final Regulation and Notice of Proposed Rulemaking Section 312 of the PATRIOT Act In the Matter of Merchants Bank of California, U.S. Dept. of the Treasury, Number 2017-01, pp 1-3; 11-12 Monetary Authority of Singapore, Guidance on Anti-Money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking, October 2015, pp. 1-21 Diana Joskowicz and Peter Hardy, Regulatory Round Up: FinCEN Solicits Comments on Due Diligence for Correspondent and Private Bank Accounts, October 15, 2020, Money Laundering Watch

What is correspondent banking and what particular risks does it pose in terms of financial crimes? What is trade finance and what particular risks does it pose in terms of financial crimes? Identify three of the key due diligence requirements a bank should take in the context of correspondent banking arrangements. Identify three due diligence precautions a bank or financial institution might take in the context of trade finance transactions. Which correspondent banking relationships should be avoided altogether?