Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

55.2 In respect of correspondent banking relationships, where the customer of the foreign financial institution has direct access to the services provided under the correspondent banking relationship, the financial entity shall take reasonable measures to ascertain whether

• (a) the foreign financial institution has, in respect of those of its customers that have direct access to the accounts of the financial entity, met requirements that are consistent with the requirements of sections 54 and 64; and

• (b) the foreign financial institution has agreed to provide relevant customer identification data upon request to the financial entity.