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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  • Red Flag Rules

    The Red Flags Rules are part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under these Rules, financial institutions and creditors with covered accounts must have identity theft prevention programs in place...

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