What Are Intermediary Banks? What Do They Do?

by Cheqly team | | Intermediary Bank

Businesses in today’s world must transact across borders and countries. How’s that possible? Many financial institutions link to one another, forming an international banking network to aid in daily facilitating international financial transactions across various nations. An entity inside this network is the intermediate bank, a crucial establishment that directly facilitates the swift and secure … Continued

What is AML in Banking?

by Cheqly team | | AML , Banking

The purpose of anti-money laundering (AML) regulations is to prevent criminals from smuggling illegal money into the financial system. The purpose of money laundering schemes is to hide the ownership and source of funds acquired through illicit activities like drug trafficking and terrorism. Legally speaking, banks and other financial organizations must abide by AML guidelines … Continued

FDIC Insurance: What It Is and How It Works

by Cheqly team | | Banking , FDIC Insurance

For over a hundred years, the Federal Deposit Insurance Corporation (FDIC) has provided insurance coverage for millions of depositors when banks could not do so. In today’s scenario, both retail and commercial clients count on FDIC insurance from banks to have control of their financial security. The last thing you would be worried about is … Continued

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