FC-1.8.1
Past version: Effective from 01 Apr 2011 to 30 Sep 2014
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The customer due diligence measures outlined under Section FC-1.2 must be carried out in the normal way on the respondent bank (subject to the simplified measures applicable for FATF/GCC banks under FC-1.11).
(a) Information about the respondent bank's ownership structure and management;
(b) Major business activities of the respondent and its location (i.e. whether it is located in a FATF compliant jurisdiction) as well as the location of its parent (where applicable);
(c) Where the customers of the respondent bank are located;
(d) The respondent's AML/CFT controls;
(e) The purpose for which the account will be opened;
(f) Confirmation that the respondent bank has verified the identity of any third party entities that will have direct access to the correspondent banking services without reference to the respondent bank (e.g. in the case of 'payable through' accounts);
(g) The extent to which the respondent bank performs on-going due diligence on customers with direct access to the account, and the condition of bank regulation and supervision in the respondent's country (e.g. from published FATF reports). Banks should take into account the country where the respondent bank is located and whether that country abides by the FATF 40+ 9 Recommendations when establishing correspondent relationships with foreign banks. Banks should obtain where possible copies of the relevant laws and regulations concerning AML/CFT and satisfy themselves that respondent banks have effective customer due diligence measures consistent with the FATF 40+ 9 Recommendations;
(h) Confirmation that the respondent bank is able to provide relevant customer identification data on request to the correspondent bank; and
(i) Whether the respondent bank been subject to a money laundering or terrorist financing investigation.
Amended April 2011
October 2007
October 2007