Commonwealth Numbered Acts Commonwealth Numbered ActsThe following is a simplified outline of this Part:
* A financial institution must not enter into a correspondent banking relationship with:
(b) another financial institution that has a correspondent banking relationship with a shell bank.
* Before a financial institution enters into a correspondent banking relationship with another financial institution, the financial institution must carry out a due diligence assessment.
* If a financial institution has entered into a correspondent banking relationship with another financial institution, the financial institution must carry out regular due diligence assessments.