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  • Accounts with Shell Financial Institutions

    • AML-1.9.1

      Capital Market Licensees must not establish business relations with shell financial institutions 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. Capital Market Licensees must not knowingly establish relations with other Capital Market Licensees or financial institutions that have relations with shell financial institutions.

      Amended: January 2022
      Amended: January 2020
      Amended: July 2016
      Added: October 2010

    • AML-1.9.2

      Capital Market Licensees must make a Suspicious Transaction Report to the Financial Intelligence Directorate, Ministry of Interior and the Compliance Directorate of the CBB if they are approached by a shell financial institutions or an institution they suspect of being a shell financial institutions.

      Amended: January 2022
      Amended: January 2020
      Amended: October 2019
      Added: October 2010