I. General considerations on cross-border correspondent banking

1. According to the FATF glossary, "correspondent banking is the provision of banking services by one bank (the 'correspondent bank') to another bank (the 'respondent bank')". For the purpose of its guidance on correspondent banking (hereafter "the FATF guidance"), [FATF, Guidance on correspondent banking services, October 2016.] the FATF does not include one-off transactions or the mere exchange of messaging capabilities [Such as SWIFT Relationship Management Application (RMA) keys.] but rather states that correspondent banking is characterised by its ongoing, repetitive nature. Like the FATF guidance, this Annex focuses on higher-risk correspondent banking relationships, in particular cross border correspondent banking involving the execution of third-party payments. Indeed, in line with FATF Recommendation 13, crossborder correspondent relationships (as opposed to domestic relationships) are the ones that should prompt additional customer due diligence measures.