News & Events

On October 12, Corporate Partner Keith Noreika and Corporate Counsel Mark Chorazak presented to a visiting delegation of Angolan bank representatives at the University Club in Washington, D.C. The meeting was sponsored by the U.S.-Angola Chamber of Commerce and the governor of the Banco Nacional de Angola, the country’s central bank, and held following the 2016 World Bank-IMF Annual Meeting. Keith and Mark discussed the U.S. anti-money laundering framework and recent regulatory developments affecting correspondent banking relationships.

Correspondent banking is an integral component of the international payment system. Recent high-profile enforcement actions and uncertainty regarding compliance obligations have led to a marked decline in correspondent banking relationships. This has particularly affected smaller banks from developing countries that rely on correspondent banks to make cross-border payments. For background on this topic, please see the Firm’s recent memorandum, available here.