What is a correspondent relationship between banks? What services are performed by correspondent banks?
What will be an ideal response?
A correspondent relationship is an agent relationship whereby one bank acts as a correspondent, or agent, for another bank in the first bank's home country, and vice versa. Correspondent banks provide various services including paying or collecting foreign funds, providing credit information, and honoring letters of credit.
You might also like to view...
A note to the financial statements of the First Security Bank indicates that all of the records relating to the bank business operations are stored on magnetic disk and that no emergency backup systems or duplicate disks consider the occurrence of a catastrophe to be remote. Based upon this note the auditor's report on the financial statements should express
a. A "subject to" opinion b. A qualified opinion c. An unmodified opinion d. An adverse opinion
Explain how the Koran views business.
What will be an ideal response?