Correspondent banking is a legal and operational part of a parent bank operating in a foreign country.

Name: Correspondent banking is a legal and operational part of a parent bank operating in a foreign country.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Correspondent banking involves a relationship between two banks where one bank provides services to another bank, typically in a different country, to facilitate international transactions. It is not a legal or operational part of a parent bank operating in a foreign country.

Correspondent Banking Is a Legal and Operational Part of a Parent