Commonwealth Numbered Acts

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ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 95

Prohibition of entry into correspondent banking relationships with shell banks etc.

             (1)  A financial institution must not enter into a correspondent banking relationship with another person if the person does so reckless as to whether:

                     (a)  the other person is a shell bank; or

                     (b)  the other person is a financial institution that has a correspondent banking relationship with a shell bank.

Note:          For geographical links, see section 100.

Civil penalty

             (2)  Subsection (1) is a civil penalty provision.


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