Since community bankers are part of the fabric of their communities, they better understand the local market and economic conditions in the area compared to larger institutions that are not resident within the community. 1  In general, an insured depository institution is in the de novo phase if it has been operating for three years or less.
At the same time, we cannot afford to ignore the risks related to anti money laundering and counter financing of terrorism (AML/CFT) that are increasingly being faced by financial institutions in today’s world. You are all aware that correspondent banking is the contractual relationship between banks that provide payment services for each other.