1. Prior to entering into a Correspondent Banking Relationship or any other similar relationship, Financial Institutions shall take the following measures: a. Refraining from entering into or continuing a Correspondent Banking Relationship with Shell Banks, or with any institution that permits its accounts to be used by Shell Banks. b. Collecting sufficient information on any respondent Correspondent Institution for the purpose of identifying it and reaching a full understanding of the nature of its business, and, through publicly available information, determining its reputation and the level of supervision to which it is subject, including whether it has been subject to an investigation relating to the Crime or to a supervisory action. c. Assessing the anti-crime controls applied by the respondent institution. d. Obtaining approval from Senior Management prior to establishing a new Correspondent Banking Relationship. e. Understanding the anti-crime responsibilities of each institution. 2. With respect to Payable-Through Accounts, the Financial Institution shall ensure that the respondent institution has applied Due Diligence measures in respect of Customers who have direct access to such accounts, and that it is able to provide relevant Customer Due Diligence information upon request by the correspondent institution.
Interpretation and application must be checked against the official text and current version.