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  • 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 2010

    • FC-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