Over recent years, de-risking practices threaten to cut off access to the global financial system for local banks in various regions of the world, therefore, it is essential to assess ML/FT risks associated with correspondent banking relationships to mitigate their effects. This paper contributes by proposing a Supervisory Toolkit on Correspondent Banking, in order to provide tools that facilitate supervision; it is being currently applied to the risks assessments carried out in Peru. The Supervisory Toolkit is comprised of two parts: (i) Guide for the Supervision of the Prevention and Management of ML/FT Risks System in Correspondent Banking and (ii) ML/FT Risk Assessment Methodology for Correspondent Banking Relationships. By applying the Toolkit in Peru, supervisors were able to evaluate the level of risk of local banks, applying a risk-based approach according risks derived from their correspondent banking relationships. Also, supervisors were able to have a better comprehension of the relevant characteristics of the correspondent banking relationships, the level of risks of the foreign banks with which said relationships are maintained, the level of risk exposure and the quality of risk management of the local banks.