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

  • 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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  • Financial Crimes Enforcement Network (FINCEN)

    The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and...

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