FC-7.1.4
Past version: Effective from 01 Oct 2014 to 31 Dec 2017
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The CBB reserves the right to:
(a) Refuse the establishment of subsidiaries or branches or representative offices of financial institutions from such jurisdictions, or from jurisdictions that, in the opinion of the CBB, do not have adequate AML/CFT systems;
(b) Limit business relationships or financial transactions with the identified jurisdiction or persons in that jurisdiction;
(c) Prohibit financial institutions from relying on third parties located in such jurisdiction to conduct elements of the CDD process;
(d) Require financial institutions to review and amend, or if necessary terminate, correspondent relationships with financial institutions in such jurisdiction;
(e) Require increased supervisory examination and/or external audit requirements for branches and subsidiaries of financial institutions based in such jurisdiction; or
(f) Require increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in such jurisdiction.
Added: October 2014