Best practices in correspondent banking relationships – From operational to supervisory and enforcement approach was a two-folded pilot workshop event aimed at facilitating best practices and use of available tools between the Central Bank of the UAE and different stakeholders involved in the financial investigation and penal chain ).
Participants in the event included a broad range of actors from the banking industry, supervisory authorities, enforcement authorities and international organisations. Speakers included representatives from the Deutsche Bundesbank, the European Banking Authority, the European Commission, the UAE Central Bank and Egypt’s FIU (EMLCU), among others.
The e-workshop was composed of two chapters of a half-day each:
- Chapter 1 on Operational aspects of correspondent banking where speakers described the payment process commonly used in correspondent banking. They presented some of the features and characteristics of the different messaging methods.
- Chapter 2 on Compliance and enforcement of correspondent banking risks. This part focused on the elements to set out to provide clear guidance for supervisors to proceed with the work of designing or improving national supervisory practice on correspondent banking, and on enforcement investigation by the FIU.