Regulatory Alerts2025-11-10 | NRP-95Technical Standards for the Provision of Correspondent Banking Services
The Central Reserve Bank of El Salvador issued Technical Standards NRP-95 to establish minimum guidelines for financial entities providing local correspondent banking services to manage money laundering, terrorist financing, and proliferation financing risks. The regulations mandate rigorous due diligence, including the verification of the correspondent bank's reputation and regulatory compliance, and explicitly prohibit relationships with shell banks. Furthermore, the standards require the maintenance of detailed databases for transaction monitoring and reporting to ensure transparency and adherence to international anti-money laundering recommendations.
Share