BAFT released today an updated version of its Respondent’s Playbook for Obtaining and Maintaining a Correspondent Banking Relationship.
The BAFT Respondent’s Playbook 2.0: A Correspondent Banking Relationship Guide serves as a roadmap for respondent banks on international anti-money laundering and combating the financing of terrorism (AML/CFT) standards. This updated correspondent banking relationship guide provides actions that may improve the ability of respondent banks to obtain and maintain a correspondent banking relationship.
This is an update to the 2019 guidance document for users of correspondent banking services. The Respondent’s Playbook 2.0 newly outlines the decision-making process of correspondents establishing new and reviewing existing relationships and the measures that respondents may take to increase the likelihood of a favorable outcome.
The 2023 version incorporates current regulatory changes in the marketplace and includes a new section on the ISO 20022 migration in addition to sections covering:
- An Introduction on the Current State of Correspondent Banking
- Establishing a New Correspondent Relationship
- Maintaining an Existing Correspondent Relationship
- Options for Respondent Banks Unable to Obtain or Maintain a Relationship
- Special Considerations for Money Services Businesses and Fintechs
- Frequently Asked Questions from Respondent Banks
BAFT Members can download the Respondent’s Playbook 2.0: A Correspondent Banking Relationship Guide for free. Non-members can purchase the updated guide through the BAFT Store.
