Glossary → Correspondent account
Correspondent account
A correspondent account is an account that one bank opens with another to carry out settlements. International payments often go through a chain of correspondent banks, and at each link a check (compliance) is possible.
Currency transfers pass through correspondent accounts; sanctions screening by the correspondent bank can delay or block a payment even when the parties are "clean". That is why the choice of banks in the chain matters.
We will help prepare documents so the payment passes compliance.
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