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AML-1.11.4

Past version: Effective from 01 Jan 2020 to 30 Sep 2021
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Where the correspondent account services involve a payable through account, Capital Market Service Providers must be satisfied that:

(a) The respondent financial institution has performed appropriate measures at least equivalent to those specified in Sections AML-1.1 to AML-1.8 (Customer Due Diligence) on the third party having direct access to the payable-through account; and
(b) The respondent financial institution is able to perform ongoing monitoring of its business relations with that third party and is willing and able to provide CDD information to the Capital Market Service Provider upon request.
Added: January 2020