Correspondent account

A correspondent account is an account (often called a nostro or vostro account) established by a large banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for smaller financial institutions.

References

• Title III, Section 311 (e)(1)(B), USA PATRIOT Act
• 31 U.S.C. § 5318A(e)(1)(B)

External links

• Compliance Headquarters about correspondent banking