Formal reception on the embankment? (5)
I believe the answer is:
levee
This clue is a double definition.
'formal reception' is the first definition.
(I've seen this in another clue)
'the embankment?' is the second definition.
(I've seen this before)
'on' acts as a link.
(Other definitions for levee that I've seen before include "Flood embankment" , "Riverside embankment" , "Gathering" , "Morning reception once held by monarch" , "River bank reinforcement, particularly in the US" .)