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FC-1.8.2

Past version: Effective from 01 Oct 2007 to 31 Mar 2011
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Islamic bank licensees must implement the following additional measures, prior to opening a correspondent banking relationship:

a) Complete a signed statement that outlines the respective responsibilities of each institution in relation to money laundering detection and monitoring responsibilities; and
b) Ensure that the correspondent banking relationship has the approval of senior management.
October 07