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What is Correspondent Banking and Money Laundering about?

The document summarizes a Senate investigation into how correspondent banking relationships between U.S. and foreign banks enable money laundering. It finds that U.S. banks often establish relationships with high-risk foreign banks that have weak anti-money laundering controls or operate in loosely regulated jurisdictions. These relationships provide access to the U.S. financial system for criminal activities. However, U.S. banks frequently fail to conduct proper due diligence on these foreign bank clients

Language

EN