Results for tag: "Foreign Correspondent Banking"

Foreign Correspondent Banking (FCB) is a type of banking service that enables financial institutions to access banking services in countries where they do not have a physical presence. FCB services are typically provided by large, international banks, which act as intermediaries between the financial institution and the local bank. FCB services include payments, collections, trade finance, cash management, and other services. FCB services are beneficial to both the financial institution and the local bank. The financial institution can access banking services in countries where it does not have a physical presence, while the local bank can access a larger customer base and increase its revenue. FCB services are subject to various regulations, including anti-money laundering and know-your-customer regulations. Banks must also comply with local laws and regulations in the countries where they provide FCB services. Some companies in the FCB market include Bank of America, Citibank, HSBC, JPMorgan Chase, and UBS. Show Less Read more