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What is net grand correspondant john?

Net grand correspondent John refers to the total amount of money or value of assets held by a financial institution for another institution or individual.

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Financial institutions such as banks, credit unions, and other entities that act as intermediaries for holding funds or assets on behalf of clients are required to file net grand correspondent John.

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Information such as the name of the corresponding party, the amount of funds or assets held, the nature of the account, and any relevant transactions must be reported on net grand correspondent John.