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A bank, Securities firm, or other financial institution that regularly renders services for another in an area or market to which the other party lacks direct access. A bank that functions as an agent for another bank and carries a deposit balance for a bank in another city.

Securities firms may have correspondents in foreign countries or on exchanges—organizations that provide facilities for convening purchasers and sellers of securities—of which the firms are not members.

The term correspondent is distinct from corespondent—a person summoned to respond to litigation, together with another person, particularly, a paramour in a Divorce action based on Adultery.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
"Cadet Correspondent is a really unique position because we get to go everywhere and see a little bit of everything.
According to HapaKenya, Heidi Toribio, MD, global head, Financial Institutions, Global Banking, Standard Chartered, said, 'Correspondent banking goes to the heart of facilitating cross-border trade and financing growth, which is central to our DNA and our purpose as a bank; We set up the Correspondent Banking Academy four years ago to share our tools and experience to help our correspondent banking clients build robust controls for managing financial crime risk.
According to our correspondent, following investigation by the Commerce Ministry's inspectors, the Ministry reportedly announced that there was 15 cartoons of chicken that were expired, but not 50 cartoons as was being speculated.
While confirming the existence of this equipment to our correspondent, some staff of the medical store who did not disclose their identities for security reasons confided to our correspondent that some of the equipment has been stored in the premises for as long as between three to four years without been attended to.
The agreement to clear the city of Douma of terrorists is still in force, the correspondent said, pointing out that the buses are standing near the Syrian Arab Army's checkpoint waiting for the disagreements to subside to complete the removal of terrorists.
The situation in Yemen is a clear betrayal of Yemeni people, and if it wasn't for the interference of the Saudi-led coalition backed by the GCC, the situation would have been a disaster, according to a correspondent.
In recent years, US-regulated banks have significantly reduced the level of dollar correspondent banking services they provide to other banks globally, due to stricter rules intended to prevent money laundering and the financing of terrorist activities.
"We look forward to shining a spotlight at the dinner on some of the best political journalism of the past year and recognizing the promising students who represent the next generation of our profession," Jeff Mason, president of the White House Correspondent's Association, said in a statement. 
Each correspondent's employer had to submit a lengthy application and agree to pay the reporter's salary.
BEIRUT: Wissam Fattouh, secretary-general of the Union of Arab Banks, said Arab banks feel that the derisking applied by the international correspondent banks against them has turned into financial discrimination.
The UAB explained that this forum will shed light on the key challenges that are currently facing Arab and correspondent banks as a consequence of strictly enforcing the application of global regulatory standards, economic and trade sanctions, and the mechanisms of Prudential Regulatory Procedures and Sound Practices in Risk Management.