FC-1.8 FC-1.8 Shell Banks
FC-1.8.1
Licensees must not establish business relations with banks, which have no physical presence or "mind and management" in the jurisdiction in which they are licensed and which are unaffiliated with a regulated financial group ("shell banks").Licensees must not knowingly establish relations with financial institutions that have relations with shell banks.October 2010FC-1.8.2
Licensees must make a suspicious transaction report to the Financial Intelligence Directorate and the Compliance Directorate if they are approached by a shell bank or an institution they suspect of being a shell bank.Amended: October 2019
October 2010