Correspondent Account KYC Toolkit : A Guide to Common Documentation Requirements

International Finance Corporation

Washington, DC

关键词: AFFILIATE;    ANTI-MONEY LAUNDERING;    APPLICATION PROCESS;    ARTICLES OF ASSOCIATION;    BANK ACCOUNT;   

RP-ID  :  94183

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

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 ofcounter-party banks in emerging markets related to a varietyof underlying trade instruments. The GTFP also providestechnical assistance to banks, with a focus on institutionalcapacity building in the broad areas of Trade Finance andInternational Trade Operations. Trade is a fundamentalcomponent in a country s growth and development and this hasbeen especially true for emerging markets. The IFC with itsmandate to support the private sector within developingcountries actively works to facilitate cross-border tradethrough its trade finance program. Under the GTFP, IFC canprovide guarantees covering up to 100 percent of atransaction value thus facilitating the parties involvedwith the trade transaction to close the deal despitechallenges they may have encountered with credit limits,country exposure constraints, etc. The underlying frameworkbetween these financial institutions is normally acorrespondent banking relationship1, or, at a minimum, thecompletion of aKnow Your Customer( KYC ) compliance filewhich needs to be in place for the documentary credit orother trade instrument to be issued, confirmed ornegotiated. From its work in developing economies, IFC hasfound that many banks encounter difficulties in establishingcorrespondent banking relationships. Some of thedifficulties involve inadequate or poor information beingprovided by the Applicant Bank to support the application tothe potential correspondent. The guidelines presentedherein, which draw upon the results of research undertakenwith local, regional and international banks participatingin the GTFP, are designed to inform banks of internationalbest practice standards with regard to the informationneeded to support an application for a correspondent bankingrelationship or to respond to a request from a bank relatedto its internal KYC compliance procedures. By improving thecontent and delivery of such information, an Applicant Bankpresents itself in a professional manner and may reduce thetime taken for the application to be processed.