Correspondent Banks
- The bank opened a correspondent account ( "Loro") to another credit institution (branch,
respondent bank) and performs on the basis of the correspondent agreement (agreement concluded between two or more credit institutions, which are both within the country and abroad) the making of payments and settlements with one of them on behalf and at the expense of another. Orders bank payment and settlement is carried out through specially opened accounts (correspondent with the account) or through the accounts of correspondent banks in the third bank (correspondent without account).
Regarding the closure of BK notify the tax authorities of the correspondent account, public authorities, which are charged with the legislation of the Russian Federation for the payment control functions in the budget, state funds and the customs authorities.
Money Order respondent bank for return of balance of funds from the correspondent account "LORO" BK is placed in the files of unpaid settlement documents to its correspondent account (sub-account) with insufficient funds in the account of BK opened in the settlement network unit Bank of Russia, and is paid within the legally established order of priority.
In the case of receipt of the application of the respondent bank to close
correspondent account or the occurrence of specified therein the date of termination of the contract BK account stops conducting the correspondent account operations. All incoming BK in settlement documents to be debited from the account of the respondent bank to be returned indicating the reason for the return.
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