Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

90 A financial entity that enters into a correspondent banking relationship

• (a) shall ascertain the name and address of the foreign financial institution by examining a copy of the foreign financial institution’s banking licence, banking charter, authorization or certification to operate issued by the competent authority under the legislation of the jurisdiction in which the foreign financial institution was incorporated, of its certificate of incorporation or of a similar document; and

• (b) shall take reasonable measures to ascertain, based on information that is accessible to the public, whether any civil or criminal penalties have been imposed on the foreign financial institution in respect of anti-money laundering or anti-terrorist financing requirements and, if such a penalty has been imposed, shall, for the purpose of detecting any transactions that are required to be reported to the Centre under section 7 of the Act, monitor all transactions conducted in the context of the correspondent banking relationship.