Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, launched the Global Trade Finance Program (GTFP) in 2005. Under this program, IFC guarantees the payment risk of counter-party banks in emerging markets re...
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| Format: | Publications & Research |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2009/10/23974312/correspondent-account-kyc-toolkit-guide-common-documentation-requirements http://hdl.handle.net/10986/21560 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AFFILIATE ANTI-MONEY LAUNDERING APPLICATION PROCESS ARTICLES OF ASSOCIATION BANK ACCOUNT BANK ACTIVITIES BANKING ACCOUNTS BANKING RELATIONSHIP BANKING RELATIONSHIPS BANKING SERVICES BANKING SUPERVISION BANKS BEST PRACTICES BEST-PRACTICE BORROWING BUSINESS INFORMATION BUSINESS PURPOSE BUSINESSES CAPABILITY CERTIFICATE CERTIFICATE OF INCORPORATION CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLIENT IDENTIFICATION COMPANY COMPLIANCE OFFICER CORPORATE GOVERNANCE CORPORATION CORRESPONDENT BANKS COUNTRY RISK CREDIT LIMITS CREDITS CURRENCY CUSTOMER BASE CUSTOMER RELATIONSHIP DEVELOPING COUNTRIES DEVELOPING ECONOMIES DOCUMENTATION REQUIREMENTS DUE DILIGENCE DUE DILIGENCE REQUIREMENTS EMERGING MARKETS EXPORT CREDIT EXPOSURE FINANCE CORPORATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL PRODUCTS FRAUD INCORPORATED INDIVIDUALS INFORMATION DISSEMINATION INSPECTION INSTITUTIONAL CAPACITY INSTITUTIONAL CAPACITY BUILDING INSURERS INTERNATIONAL BANKS INTERNATIONAL BEST PRACTICE INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LAWS LEGAL ADVICE LICENSE LIMITED LIQUIDITY MARKET PLACE MATERIAL OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PARTNER BANKS PERSONS PRIVATE SECTOR REGULATOR REGULATORS REGULATORY BODY REPUTATION RESULTS RISK MANAGEMENT SENSITIVE INFORMATION SITES STANDARDIZATION STOCK EXCHANGES SUBSIDIARIES TECHNICAL ASSISTANCE TERRORISM TRADE FINANCE TRANSACTION TRANSACTION VOLUME USERS VERIFICATION |
| spellingShingle |
AFFILIATE ANTI-MONEY LAUNDERING APPLICATION PROCESS ARTICLES OF ASSOCIATION BANK ACCOUNT BANK ACTIVITIES BANKING ACCOUNTS BANKING RELATIONSHIP BANKING RELATIONSHIPS BANKING SERVICES BANKING SUPERVISION BANKS BEST PRACTICES BEST-PRACTICE BORROWING BUSINESS INFORMATION BUSINESS PURPOSE BUSINESSES CAPABILITY CERTIFICATE CERTIFICATE OF INCORPORATION CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLIENT IDENTIFICATION COMPANY COMPLIANCE OFFICER CORPORATE GOVERNANCE CORPORATION CORRESPONDENT BANKS COUNTRY RISK CREDIT LIMITS CREDITS CURRENCY CUSTOMER BASE CUSTOMER RELATIONSHIP DEVELOPING COUNTRIES DEVELOPING ECONOMIES DOCUMENTATION REQUIREMENTS DUE DILIGENCE DUE DILIGENCE REQUIREMENTS EMERGING MARKETS EXPORT CREDIT EXPOSURE FINANCE CORPORATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL PRODUCTS FRAUD INCORPORATED INDIVIDUALS INFORMATION DISSEMINATION INSPECTION INSTITUTIONAL CAPACITY INSTITUTIONAL CAPACITY BUILDING INSURERS INTERNATIONAL BANKS INTERNATIONAL BEST PRACTICE INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LAWS LEGAL ADVICE LICENSE LIMITED LIQUIDITY MARKET PLACE MATERIAL OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PARTNER BANKS PERSONS PRIVATE SECTOR REGULATOR REGULATORS REGULATORY BODY REPUTATION RESULTS RISK MANAGEMENT SENSITIVE INFORMATION SITES STANDARDIZATION STOCK EXCHANGES SUBSIDIARIES TECHNICAL ASSISTANCE TERRORISM TRADE FINANCE TRANSACTION TRANSACTION VOLUME USERS VERIFICATION International Finance Corporation Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements |
| description |
The International Finance Corporation
(IFC), the private sector arm of the World Bank Group,
launched the Global Trade Finance Program (GTFP) in 2005.
Under this program, IFC guarantees the payment risk of
counter-party banks in emerging markets related to a variety
of underlying trade instruments. The GTFP also provides
technical assistance to banks, with a focus on institutional
capacity building in the broad areas of Trade Finance and
International Trade Operations. Trade is a fundamental
component in a country s growth and development and this has
been especially true for emerging markets. The IFC with its
mandate to support the private sector within developing
countries actively works to facilitate cross-border trade
through its trade finance program. Under the GTFP, IFC can
provide guarantees covering up to 100 percent of a
transaction value thus facilitating the parties involved
with the trade transaction to close the deal despite
challenges they may have encountered with credit limits,
country exposure constraints, etc. The underlying framework
between these financial institutions is normally a
correspondent banking relationship1, or, at a minimum, the
completion of a Know Your Customer ( KYC ) compliance file
which needs to be in place for the documentary credit or
other trade instrument to be issued, confirmed or
negotiated. From its work in developing economies, IFC has
found that many banks encounter difficulties in establishing
correspondent banking relationships. Some of the
difficulties involve inadequate or poor information being
provided by the Applicant Bank to support the application to
the potential correspondent. The guidelines presented
herein, which draw upon the results of research undertaken
with local, regional and international banks participating
in the GTFP, are designed to inform banks of international
best practice standards with regard to the information
needed to support an application for a correspondent banking
relationship or to respond to a request from a bank related
to its internal KYC compliance procedures. By improving the
content and delivery of such information, an Applicant Bank
presents itself in a professional manner and may reduce the
time taken for the application to be processed. |
| format |
Publications & Research |
| author |
International Finance Corporation |
| author_facet |
International Finance Corporation |
| author_sort |
International Finance Corporation |
| title |
Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements |
| title_short |
Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements |
| title_full |
Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements |
| title_fullStr |
Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements |
| title_full_unstemmed |
Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements |
| title_sort |
correspondent account kyc toolkit : a guide to common documentation requirements |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2009/10/23974312/correspondent-account-kyc-toolkit-guide-common-documentation-requirements http://hdl.handle.net/10986/21560 |
| _version_ |
1764448561443897344 |
| spelling |
okr-10986-215602021-04-23T14:04:02Z Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements International Finance Corporation AFFILIATE ANTI-MONEY LAUNDERING APPLICATION PROCESS ARTICLES OF ASSOCIATION BANK ACCOUNT BANK ACTIVITIES BANKING ACCOUNTS BANKING RELATIONSHIP BANKING RELATIONSHIPS BANKING SERVICES BANKING SUPERVISION BANKS BEST PRACTICES BEST-PRACTICE BORROWING BUSINESS INFORMATION BUSINESS PURPOSE BUSINESSES CAPABILITY CERTIFICATE CERTIFICATE OF INCORPORATION CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLIENT IDENTIFICATION COMPANY COMPLIANCE OFFICER CORPORATE GOVERNANCE CORPORATION CORRESPONDENT BANKS COUNTRY RISK CREDIT LIMITS CREDITS CURRENCY CUSTOMER BASE CUSTOMER RELATIONSHIP DEVELOPING COUNTRIES DEVELOPING ECONOMIES DOCUMENTATION REQUIREMENTS DUE DILIGENCE DUE DILIGENCE REQUIREMENTS EMERGING MARKETS EXPORT CREDIT EXPOSURE FINANCE CORPORATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL PRODUCTS FRAUD INCORPORATED INDIVIDUALS INFORMATION DISSEMINATION INSPECTION INSTITUTIONAL CAPACITY INSTITUTIONAL CAPACITY BUILDING INSURERS INTERNATIONAL BANKS INTERNATIONAL BEST PRACTICE INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INTERNATIONAL TRADE JURISDICTION JURISDICTIONS LAWS LEGAL ADVICE LICENSE LIMITED LIQUIDITY MARKET PLACE MATERIAL OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PARTNER BANKS PDF PERSONS PRIVATE SECTOR REGULATOR REGULATORS REGULATORY BODY REPUTATION RESULTS RISK MANAGEMENT SENSITIVE INFORMATION SITES STANDARDIZATION STOCK EXCHANGES SUBSIDIARIES TECHNICAL ASSISTANCE TERRORISM TRADE FINANCE TRANSACTION TRANSACTION VOLUME USERS VERIFICATION The International Finance Corporation (IFC), the private sector arm of the World Bank Group, launched the Global Trade Finance Program (GTFP) in 2005. Under this program, IFC guarantees the payment risk of counter-party banks in emerging markets related to a variety of underlying trade instruments. The GTFP also provides technical assistance to banks, with a focus on institutional capacity building in the broad areas of Trade Finance and International Trade Operations. Trade is a fundamental component in a country s growth and development and this has been especially true for emerging markets. The IFC with its mandate to support the private sector within developing countries actively works to facilitate cross-border trade through its trade finance program. Under the GTFP, IFC can provide guarantees covering up to 100 percent of a transaction value thus facilitating the parties involved with the trade transaction to close the deal despite challenges they may have encountered with credit limits, country exposure constraints, etc. The underlying framework between these financial institutions is normally a correspondent banking relationship1, or, at a minimum, the completion of a Know Your Customer ( KYC ) compliance file which needs to be in place for the documentary credit or other trade instrument to be issued, confirmed or negotiated. From its work in developing economies, IFC has found that many banks encounter difficulties in establishing correspondent banking relationships. Some of the difficulties involve inadequate or poor information being provided by the Applicant Bank to support the application to the potential correspondent. The guidelines presented herein, which draw upon the results of research undertaken with local, regional and international banks participating in the GTFP, are designed to inform banks of international best practice standards with regard to the information needed to support an application for a correspondent banking relationship or to respond to a request from a bank related to its internal KYC compliance procedures. By improving the content and delivery of such information, an Applicant Bank presents itself in a professional manner and may reduce the time taken for the application to be processed. 2015-03-09T19:54:24Z 2015-03-09T19:54:24Z 2009-10 http://documents.worldbank.org/curated/en/2009/10/23974312/correspondent-account-kyc-toolkit-guide-common-documentation-requirements http://hdl.handle.net/10986/21560 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ Washington, DC Publications & Research Publications & Research :: Working Paper |