Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 99

             (1)  A financial institution must not enter into a correspondent banking relationship with another person if a senior officer of the financial institution has not approved the entering into of that relationship, having regard to such matters (if any) as are specified in the AML/CTF Rules.

             (2)  If a financial institution has a correspondent banking relationship with another person, the financial institution must document:

                     (a)  its responsibilities under that relationship; and

                     (b)  the responsibilities of the other person under that relationship.

Civil penalty

             (3)  Subsections (1) and (2) are civil penalty provisions.