United States:
The OCC Publishes Guidance Concerning Foreign Correspondent Banking Accounts
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On October 5, 2016, the Office of the Comptroller of the
Currency (the "OCC") issued risk management guidance that
addresses periodic reevaluations of risks associated with foreign
correspondent banking accounts. The guidance includes the
OCC's best practices for banks to consider when conducting
reevaluations and making account termination and retention
decisions. Press Release.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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