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Effective from Oct 25 2017 - Oct 24 2017 To view other versions open the versions tab on the right
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Before entering into a cross-border correspondent relationship, financial institutions shall apply appropriate risk mitigation measures as prescribed by the Implementing Regulation, and shall satisfy themselves that the respondent institution does not permit their account to be used by a shell bank.
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Financial institutions shall not enter into or continue a correspondent relationships with a shell bank or a respondent institution that permits its account to be used by a shell bank.
