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The primary supervisor of U.S. national banks will soon publish guidance "reiterating" how financial institutions can manage compliance risks posed by their foreign correspondent clients, the agency's chief said Wednesday. In the document, the Office of the Comptroller of the Currency (OCC) will recommend that compliance officers at global banks notify senior management before closing a correspondent account and, maintain "clear audit trails" justifying the decision and clarify the institution's process for reaching it, said U.S. Comptroller Thomas Curry. The process of regularly assessing risk represents "a critical and expected part" of Bank Secrecy Act and anti-money laundering (AML) compliance,...