Glossary

Correspondent Banking

A relationship entered into between a small bank and a big bank in which the big bank provides a number of deposit, lending, and other services.

Related Terms

  • Know Your Customer (KYC)

    Know Your Customer is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.

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  • Bank Secrecy Act (BSA)

    Requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

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